Chartered Accountants Need to Innovate: Rajnath Singh

New Delhi, Jan 31 (PTI) Chartered accountants are the gatekeepers of accountability and they should innovate and adapt to stay ahead of the curve, Defence Minister Rajnath Singh said on Friday.

Addressing the World Forum of Accountants (WOFA) conference in the national capital, he also highlighted that chartered accountants should look at how accounting practices are evolving in the context of decentralised data framework.

"For information to be truly accountable, it must also be complete, accurate and presented in a way that is easily digestible by all stakeholders. This is a responsibility upheld by the chartered accountants in our country with dedication and integrity," Singh said.

The WOFA conference is being organised by the Institute of Chartered Accountants of India (ICAI).

Stressing that trust is what holds everything together, Singh said chartered accountants must not only learn continuously but also innovate and adapt to stay ahead of the curve.

"History has shown us what has happened when there are lapses, scandals like Enron... remind us of the devastating consequences of the compromises in financial integrity.

"Your role is vital, gatekeepers of accountability...," the minister said.

In his speech, Singh also touched upon mythology.

"In Hindu tradition, we have bhagvan Chitragupt, the divine accountant who meticulously records the deeds of every soul to decide their fate in the afterlife.

"In Christian mythology, we find St Peters standing at Heaven's gates, managing the ultimate accounts and deciding who gains entry based on their lives' balance sheets," he added.

Singh also emphasised that India is open to business and willing to learn, adapt and share expertise.