Monday, November 15, 2010

CORRUPTION UNABATED...

In the recent months several corruption oriented financial scams have come to surface. Serious
allegations and counter-allegations have been raised against topmost politicians and bureaucrats of the country. Our Prime Minister Dr. Man Mohan Singh is known for his honesty and the time has come for him to stand up and address the issue of corruption aggressively by bringing out systematic changes in the working and operations of the Government in such a manner that the corruption cannot breed. It is important to bring complete transparency, honesty and dedication at the highest level of the politicians as well as bureaucracy to enable India to grow in a sustained manner. The Government of India has set up various inquiry committees; CBI has been mandated investigation
besides Public Accounts Committee has been advised to review the CAG report matter. The UPA
government is clearly in a defensive mood. It is important that the topmost leadership of UPA stand
together and eradicate corrupt politicians from their cadres. Also the opposition led by BJP should fully support all such initiative and may provide political support to the Government on such crucial and decisive actions needed. The government has to play its cards in a transparent and strategic manner.

The real test of Indian political system and democracy is ahead of us. In case the government
fails to address this issue effectively, the working of parliament may get derailed and the economy
of the country will unnecessary suffer.

The profession of Chartered Accountants is highly qualified and experienced to address this menace
and through the columns of this journal we hereby offer services of profession of chartered accountants to the Government of India as well as to the State Government to design and develop
operating procedures, operating systems, controls and guidelines in such a transparent manner that
the likelihood of corrupt practices can be minimized substantially. It will also be important to have a proper mandatory double entry accounting system to be implemented in various government departments including a detailed methodology for accounting of fixed assets and other resources. The profession of Chartered Accountants will be glad to design, develop and implement most sophisticated, transparent and simple internal control system so that the menace of corruption can be completely eradicated.

It is important to provide for 100% detailed audit of all government expenditure including
government department, autonomous institutions and other bodies created by an Act
of Parliament or are promoted by the Government.

We are here to support our great nation in the war against corruption. Dr. Manmohan Singh and
other honest politicians and bureaucrats can fully rely on the team of independent chartered
accountants to eradicate corruption from the root of the Indian Economic System.

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