Accountants are custodians of trust, says SC judge
View(s):Accountants are not mere servants of profit, but custodians of balancing trust. Auditors, by contrast, serve a broader constituency. They are appointed by and report to shareholders, said a senior Supreme Court Judge this week.
“In the case of public-quoted companies, Auditors have an additional obligation of reporting to the general public and to the rest of the corporate world as well. Their findings are aimed at safeguarding transparency in the capital markets, by ensuring that investors and citizens alike are informed of the true financial status of corporate enterprises. It is through such fair and truthful reporting that external parties including existing and prospective shareholders can take well-informed decisions,” noted Justice Yasantha Kodagoda, speaking as chief guest at the induction of the 28th President of the Institute of Chartered Accountants of Sri Lanka held in Colombo on Tuesday.
Tishan Subasinghe was inducted as the new president of the institute at an event where President of the International Federation of Accountants Jean Bouquot and immediate Past President of the South Asian Federation of Accountants Ashraf Yousuf Tola were present.
The Supreme Court judge said accountants occupy a unique position as they serve their employers by contributing towards the implementation of business objectives, through maximising revenue, minimising expenditure, and thereby optimising profit.
“This is the mantra of private enterprise, and rightly so — for it is through profits that companies can justify their existence, provide employment, enable shareholders to derive dividends, and private enterprises can contribute towards the economic growth of the country by undertaking and carrying out further business activities. Without profitable enterprises, the national economy would stagnate and in fact private enterprises would become a liability to the country and to the economy, as opposed to being a great asset by functioning as the engine of national economic growth,” he added.
He noted that accountants must not be confined to supporting their employers make profits. “Certainly… not to ‘somehow’ earn profits. Support to employers to achieve corporate business objectives should never be at the expense of wider national interests of the country. ”
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