OIL chief for upgradation of accounting standards

Written by Economy Bureau | Kolkata, Dec 28 | Updated: Dec 29 2007, 06:58am hrs
Oil India Ltd chairman-cum-managing director MR Pasrija has laid stress on upgrading auditing and accounting standards to meet challenges of reaping economic benefits from globalisation.

According to him, chartered accountants play an important role in rendering services to corporate governance. A chartered accountant himself, Pasrija wants to better their services in corporate governance, which is pivotal in terms of globailsation.

Pasrija was speaking at the 32nd regional conference of the Institute of Chartered Accountants of India (ICAI) here on Friday. It was organised by the eastern India regional council of the ICAI.

Sunil Talati, president of the ICAI, said, "At present, there are about 1,41,500 chartered accountants in the country."

Talati said the demand for chartered accountants is on the rise. At present, there are around 3 lakh CA students in India. The figure is expected to cross 5 lakh in 2009.

He said continuous professional education (CPE) would become mandatory from January 1, 2008, for all the CAs irrespective of being in practice or in service.

The CPE includes disciplines like company law, accounting standards, tax and IT-related studies.