Vajpayee said that the government would welcome suggestions from the chartered accountants on ways and means to introduce greater transparency and accountability in governmental financial accounting and reporting systems.

He pointed out that misuse and wrong use of public funds was a chronic problem affecting the implementation of government schemes. "While the Comptroller and Auditor General's office is playing a useful watchdog role, loopholes still exist through which public money is routinely siphoned off," headded.

The ICAI's suggestions in this regard, therefore, would be welcome as this problem not only retards the nation's progress but also defeats the cherished objectives in the social sector, agriculture and rural development, he said.

The Prime minister said that chartered accountancy was an invaluable, even indispensable, supportive profession for modern business. He added that the role of chartered accountants has become even more critical in the era of liberalisation and globalisation. "If accountants are honest, it is difficult for others in business to be dishonest," said Vajpayee.

He said that it was heartening to know that ICAI members, whose number was close to one lakh, were now operating even in small towns. "This shows the steady growth of our economy, and the proliferation of businesses away from metros and big cities," said Vajpayee.

He added that it also showed the conscious and concerted efforts made by ICAI to reach much-needed professional inputs even to the small and medium-sizedunits. "Efforts of the institute have helped in fostering financial prudence, propriety, and transparency in their operations," he said.

Vajpayee, however, pointed out that there was still one important sector of the economy that has so far not adequately benefited from the professional services of chartered accountants--the rural and the informal sector. It was necessary to attend to this sector since the problem was complex and efforts to meet the challenge have been slow, he said.

The Prime Minister also said that the educational and teaching standards of the institute, though well recognised worldwide, should be constantly reviewed to reorient them to meet the requirements of the ever-changing world order.

He welcomed the initiatives taken by ICAI for setting up of an Accounting Research Foundation. Vajpayee said that this would result in the creation of a centre of professional excellence.