Ensuring high ethical standards minimal requirement for CA profession: Dhankhar

New Delhi, Feb 2 (PTI) – Vice President Jagdeep Dhankhar on Sunday called upon chartered accountants to embrace self-regulation and uphold the highest ethical standards, warning that any leniency in the face of legal transgressions could lead to severe consequences.

Speaking at the World Forum of Accountants (WOFA) function, organized by the Institute of Chartered Accountants of India (ICAI) in the national capital, Dhankhar emphasized that no human lapse is greater than betrayal of trust. He urged financial professionals to act as the first responders against violations of law and ethics, stressing that their vigilance could be instrumental in eliminating malpractices.

"We must take all care and caution to see that we are not afflicted by ingratiating with our fraternal feelings or taking care because they belong to our fraternity," Dhankhar stated, drawing parallels with his own legal profession, which also relies on self-regulation.

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Lessons from Past Regulatory Actions​

The vice president’s remarks come against the backdrop of past instances where accounting firms have faced scrutiny for alleged financial misdoings. Without naming any firm directly, he referenced the downfall of one of the world’s largest chartered accountancy firms due to regulatory actions, calling it a lesson for all.

"No malpractices can flourish if chartered accountants are so determined," he added, reinforcing the profession’s responsibility in safeguarding financial integrity.

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AI: A Double-Edged Sword​

In his address, Dhankhar also touched upon the role of artificial intelligence (AI) in the financial sector. He cautioned that while AI has immense potential, its unchecked growth could turn it into a "monster." He stressed the need for a balanced approach where innovation is guided by ethical frameworks and proactive leadership.

His remarks underscore the growing importance of accountability in the financial sector, especially at a time when technology is reshaping global financial practices.

With regulatory scrutiny tightening worldwide, Dhankhar’s message serves as a reminder that the credibility of the accounting profession hinges on uncompromising ethical conduct and proactive self-regulation.