I am proud to place in your hands, this special issue of the
Diamond Jubilee year with the theme ‘Challenges of Change — Always Ahead’.
Charles Darwin, the renowned scientist said,
“It is not the strongest species that survive, nor the most
intelligent, but the one most responsive to change.”
Change is the only thing that is certain in life, and yet
most changes are normally treated with circumspection and many a time with
suspicion. Most of us are averse to change and treat it as a threat. This is
presumably because we carry the baggage of the past and use the prism of the
present to predict the future. Anything that has an image different from what we
have seen earlier is perceived as a danger rather than a challenge to be
accepted. An adult will be worried or be suspicious of the object while a child
will grab it. This signifies the difference in attitudes. A child treats
something new as an opportunity, while an adult is likely to see it as a hurdle.
Every change evokes a reaction. The challenge is to ensure
that the positive reactions outnumber the negative ones. We are today in a world
where every day brings about a change which is a huge challenge. We are
witnessing tumultuous changes in the economy.
Institutions that have looked invincible have crumbled
against the onslaught of economic downturn. What is the primary cause of this
debacle ? It is the belief that the past will dictate the future. Consequently
some institutions that felt that the growth story was eternal have faltered.
Those who were able to predict the economic avalanche (though their number is
few) have become wealthier; those who saw it coming have escaped with minor
bruises. So the moral seems to be that you have to accept that there will be a
change, face that challenge and if possible, try and remain ahead of the change.
What is true in the economic scene is equally true on
professional front. There is substantial change in the nature of services that a
chartered accountant renders as well as the expectations of the client from him.
Today a client is not satisfied just with compliance of laws and regulations but
wants some value addition for the remuneration that he pays. With the advent of
technology and increase in size of the corporate, there is risk in audit. There
is a feeling in some quarters that in the zeal to mitigate that risk, the basic
soul of audit, the expression of opinion is being lost. In the accounting field
the adoption of the concept of fair value is being advocated strongly by some.
Acceptance of this concept may change the accounting scene totally. However,
looking to the current economic scenario, the breed of those who are against
this concept is increasing, while its votaries are also possibly having second
thoughts.
With laws constantly being amended, a professional has to
continuously hone his skills to remain abreast of the amendments. The
composition of the profession has also changed in the last decade. With
employment pastures growing greener, the numbers of those who join whole-time
practice have reduced considerably. Consequently, while opportunities have
increased, the number of those who have the ability to seize them has dwindled.
This situation is however likely to change. With recession looming large and
employment opportunities on the wane, the number of self-employed professionals
is likely to increase. Clients today require a wide range of services and expect
them to be available under one roof. Multidisciplinary firms are now a reality.
While today the number of disciplines in which such firms can have partners is
limited, the same will increase in future.
Throughout its existence, the Society has seen the profession
face many challenges. The Society has always met these challenges squarely. The
reason why it has earned the respect of its members is that it has attempted to
foresee the challenges of change and tried to equip its members to remain ahead
of them. It appreciated the need for continuing professional education long
before it became a buzzword. It recognises that students are the future and has
always strived to cater to their needs. It is the first to start an E-learning
course. A number of visionaries have contributed to this Society to make it an
institution of excellence. However, the one distinct factor that makes this
institution stand apart is the tradition that it has inculcated. Its presidents
do not turn their back on the institution as they lay down their office, but
make a transition to being mentors.
It is with the good wishes and support of these individuals
that our team has organised a Diamond Jubilee conference at which this special
issue will be released. The issue contains a number of thought-provoking
articles on a wide variety of subjects including those to which, I have made a
reference in the foregoing paragraphs.
I am confident you will enjoy reading it.
Wishing you a happy and prosperous new year.
