Financial Daily from THE HINDU group of publications
Thursday, Jun 20, 2002
Financial Daily from THE HINDU group of publications Thursday, Jun 20, 2002 |
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Opinion
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Accountancy Columns - Account Speak No Canutes here
LONG, long ago, there was a king named Canute. As always happens to men of power, Canute was surrounded by people who always flattered him. Unusually for a king, Canute was a man of sense, and he grew tired of hearing too much praise. One day he was walking by the beach, along with his courtiers. "Am I the greatest man in the world?" he asked them. "You are the mightiest, your highness," they chanted. "All things obey me?" Canute asked. "The world bows before you, your majesty." Well, as the story goes, Canute had his chair placed right at the water's edge even as everybody was getting worried about getting wet with wave splash. "Do you think the waves will stop if I give the command?" the king asked. All his men nodded and said, "Give the order, O great king." "Sea," shouted Canute, "I command you to come no further! Waves, stop rolling! Dare not touch my feet!" It is said that Canute's cronies became wiser not to waste time in eulogising the king. But not all kings are as wise as Canute. The Indian professional accounting scene has at least two examples of institutions that present us with the visage of great vulnerability — like the tail-ender batsmen at the crease when the match is dangerously poised. The one in Kolkata is in ICU with the DCA trying to run the petty cash for it, while the other in Delhi seems to be facing the tidal wave test, even as foreign firms are itching to get in. A recent press note from the ICAI, and public posturing by its dons, indicate that the Institute is only working on disciplinary mechanism and administration matters. As if the more powerful tides would wait till the ICAI finishes the other jobs. Further, one wonders, whether the ICAI is aware that the SEC in the US is all set to introduce Public Accountability Board with teeth to oversee auditors, conduct public disciplinary proceedings, and assert control of the accounting-overhaul process in the face of the breakdown of the auditing process, without even waiting for the lawmakers.
D. Murali
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