The role of accountants in the process of economic development

Interesting speech by Mr Rameswurlall Basant Roi, Governor, Bank of Mauritius.

You rarely see a central banker speak about role of accountants and auditors. He says role of accountants as auditors is as crucial as any.

Thank you for having invited me to speak to an audience of accountants. It’s a first for me. On the occasion of this Forum organized by the Mauritius Institute of Professional Accountants (MIPA), it’s my pleasure to share with you some of my thoughts on the role of accountants in the process of economic development.  Let me at the very outset stress that contributions of accountants to the process of economic development are generally not direct. But their services as external auditors of financial institutions make direct contributions to the efficient functioning of financial markets which, in turn, allocate scarce resources to economic sectors and facilitate the process of economic development.

It is not just about importance of accountants but even importance accounting. Knowledge of basic accounting is really useful in economics to understand balance sheets and flow of funds. But the econ profession hardly pays any attention to teaching these basics.

PS.

It is even more ironical to see how Finance and Accounts professions have diverged in academia over the years. The Finance professors say they don’t know accounting and Accounting professor says they don’t know finance! We are just building more and more silos..

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4 Responses to “The role of accountants in the process of economic development”

  1. Somya Sahni Says:

    Your blog is pretty interesting ! 😄✌

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