Vice President M Venkaiah Naidu Monday pitched for exchange of information among countries to curb economic frauds as well as efforts for speedy extradition of economic offenders.
His remarks come against the backdrop of Indian authorities working to bring back various economic offenders who have fled the country.
Speaking at the 70th annual day celebrations of chartered accountants’ apex body ICAI, Naidu emphasised the need for the highest ethical standards and that chartered accountants should also help avoid recurrence of frauds.
He also wondered how countries are allowing people to park their black money.
Corporate Affairs Secretary Injeti Srinivas said tough questions, including about the independence of auditors, needs to be looked at and stressed on the need for strong ethics.
Srinivas also flagged concerns about lot of concentration of business among few audit firms.
“Is there excessive concentration or lack of competition,” he said in reference to audit firms.
If there is such a situation in a market economy then it is a concern. Excessive dominance is a challenge, he added.
The Institute of Chartered Accountants of India (ICAI) has nearly 10 lakh students and members. There are more than 2.93 lakh members.
Earlier in the day, Prime Minister Narendra Modi said hardworking fraternity of chartered accountants has been furthering the culture of honesty and better corporate governance in the society.
Chartered accountants also play a key role in advancing economic prosperity, he said in a tweet.
“Today, on CA Day, my best wishes to all CAs for their future endeavours,” Modi said.
The ICAI is a statutory body established by an Act of Parliament.