Cuttack, June 24: Chartered accountants need to upgrade themselves to the changing business dynamics keeping in view the changing economic scenario of the country and the world.

This was the centre of discussion on the inaugural day of the National Chartered Accountants conference of the Institute of Chartered Accountants of India (ICAI) here today.

Inaugurating the conference being hosted by Cuttack branch of Eastern India Regional Council (EIRC) of ICAI, Orissa governor M.C. Bhandare stressed on the role of accountants and the institute that has established high standards of professional efficiency during its existence of over six decades.

“ICAI has earned a high reputation in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards and grooming young minds with discipline and knowledge to meet various professional challenges,” said Bhandare.

ICAI was established with only 1,700 members in 1949 and today it has more than 62 lakh members including more than six lakh students.

Speaking on “Business Dynamics in the Changing Economic Milieu”, the theme of the conference, Bhandare said that India was one of the fastest growing economies in the world and the role of chartered accountants in this period of change was very important.

Over 600 delegates from across the country are participating in the two-day national conference being held at Sahid Bhavan.

Speaking on the occasion, MP Bhatruhari Mahatab stressed on the reliability of accounting which is needed for creation and retention of wealth.

“The conference is aimed at providing support and opportunity to the students by deliberating on various contemporary subjects. The ICAI is the second largest accounting body in the world which extends its support to the government, corporate firms and others,” said N.A. Bhaskar Rao, chairman of Cuttack branch.

“ICAI is the first body to bring professional education to upgrade the knowledge of the chartered accountants to serve their clients and employers,” said Sumanta Guha, chairman of the Continuing Professional Education (CPE) Committee.

According to Guha, there have been a lot of changes in the law including the direct tax code, direct and indirect tax and GST and hence there is a need for the chartered accountants to upgrade their knowledge on various issues.

Speaking on the occasion, MP Bhatruhari Mahatab stressed on the reliability of accounting which is needed for creation and retention of wealth.