From The President

Dear Members,

The term ‘profession’ traces its roots to the Latin word professio, meaning a public declaration or vow. Historically, this denoted a commitment to a higher ideal beyond personal interest—such as a vow to truth, justice, or service. Classically, professions embodied this ethos, combining specialised knowledge with a binding ethical code and a deep public responsibility.

For centuries, the distinction between a Profession and a Business has been clear. The earliest known explicit distinction of profession ≠ business comes from Plato’s Republic, circa 375 BCE, being clear in its emphasis that profession = service bound by ethics, whereas business = private gain.

The sociologist Émile Durkheim argued that professions emerged as ‘moral communities’ that filled the vacuum of trust in complex, modern societies. Similarly, Max Weber emphasised that professions are not mere occupations but vocations (Beruf)—a calling to serve society through competent and principled action.

The modern accounting profession emerged in the 19^th century as industrial economies demanded credible, independent assurance on financial statements. Our own The Chartered Accountants Act, 1949, framed after Independence, enshrines this dual