Chartered Accountants' Body Issues Clarification On Finance Minister's Speech; Criticised

The Finance minister Nirmala Sitharaman while addressing and interacting with the audience during a program organised by the Institute of Chartered Accountants of India (ICAI) said that she wanted to bring technology in the accounting practices when she initially joined the Finance Ministry, but the same was not accepted by the Chartered Accountants.

Clarifying the Financial minister’s speech, the Chartered Accountants” body has stated that “its come to our attention that recent comments made by the Honourable Finance Minister during a program in Bengaluru, which was attended by members of the Chartered Accountant community, have been taken out of context and misrepresented”. 

Excellent Speech made by Ms. Nirmala Sitharaman, Hon”ble Union Minister of Finance and Corporate Affairs – GoI during an ICAI event in Bengaluru. Please go through the full speech- https://t.co/pxTthsC4oN pic.twitter.com/lVTnXa3Amt

— Institute of Chartered Accountants of India – ICAI (@theicai) April 25, 2024

Clarifying the intend and content of the speech, the ICAI said that the Finance minister has commended the integration of the technology in the accounting practices, noting the significance and how it has benefited both the CA professionals and clients by enhancing the efficiency and transparency. 

The ICAI further added that the Finance minister in her speech has also underscored the pivotal role that Chartered Accountants play in the Indian economy, describing their service to taxpayers as invaluable. “The Minister’s comments were intended to celebrate the contributions of the CA community to the nation,” the statement read. 

The ICAI concluded by urging the members to consider the remark in its entirety to avoid any misinterpretations that would obscure the positive message conveyed. 

Many has come criticising the stance taken by the ICAI. One of the users, reacting to the clarification given wrote, “What !! What’s going on ? ICAI giving clarification/Explanation on FM speech? Ideally the person who speaks , gives the explanation if there is any misunderstanding, right ? Why ICAI giving statement ? Can you ask the explanation from @nsitharaman”.

While another wrote, “At this point I”m just speechless.. Why does ICAI need to give clarification for FMs speech?”