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MANISHA had an advantage that many accountants do not enjoy — a one-stop shop to sort out matters. Though much of what we do may not qualify as a `chhoti si love story'; we should understand that people take us to task for a `chhoti si report' where we express our honest opinions. Why do bean counters need a Thackeray?

Because they are torn between too many forces: there are the standards: the drab and lifeless pronouncements that sleep in books; the Institute — again an impersonal body that lives from year to year taking the colour of the incumbent president; the company management — the de facto client; the shareholders — those who appoint but are often a mass that can be ignored as a passing cloud; and all the speakers in CPE programmes — who waste no time in reminding sleepy participants about their professional duties. It is not that you can qualify when in doubt, because overdoing is as bad as under-doing, and perhaps be the ultimate undoing. Nor would it be wise to depend on the ICAI to clarify all the doubts that cross the mind when in practice, because answers may never come and, even if they do, might be clothed in vague language. There are all those seniors in the trade who can be tapped for their valuable expert comments but in a dog-eat-dog world, who trusts another?

One can go by precedents, the least controversial line, or pull out a coin to toss and decide the right course. But there is nothing like having an ombudsman who, like the Oracle, would hear doubts and throw light, a system that can work faster, without being entangled in what is said in law or regulations. For those who are stymied by a tardy legal system find answers in katta panchayats, the parallel forms of `justice' delivery, where judgment comes with the put-it-in-action sweetener. To make it easy for any bead-counting Bal to assist in this sphere, queries could be presented with just four options — such as whether in a given situation the auditor should (a) qualify; (b) tuck it in the notes; (c) leave no trace; or (d) take the next flight.

hindubusinessline@hotmail.com

D. Murali

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