Every profession would have to contend with emerging challenges and they must be dealt with effectively to evolve new standards of regulation, said R Seshasayee, managing director of Ashok Leyland.

He was speaking at Ashok Kumbhat memorial lecture on ‘Challenges to the accounting profession’ in Chennai on Saturday. The lecture was organised by Southern India Regional Council of The Institute of Chartered Accountants of India (SIRC-ICAI).

 The accounting profession must evolve standards and these should be updated to keep up with the changing trends in business, according to Seshasayee. ‘The evolved standards must be in a position to meet the challenges posed by the market,’ he said.
 
He further said the accounting profession must also take into consideration the risk factors involved in business ventures. Ashok Leyland MD said another challenge was creating awareness on the role played by auditors among the public to avoid complications. Besides giving certifications, auditors have to do the assessment of book of accounts and hence, they carry a high degree of responsibility, he said.

Seshasayee pointed out there was a need to create awareness on the multifarious functions of auditors for the general public expect them to check book of accounts in companies.

He further mentioned the role played by professional bodies in creating awareness was crucial and changes in the accounting profession must be effectively communicated to the public. SIRC-ICAI chairman M Devaraja Reddy welcomed the gathering. D Rangaswamy Academy for Fiscal Research president G V Raman and IRDA former chairman N Rangachary also spoke.