Independence of chartered accountants is important for trust of financial stakeholders, says Nirmala Sitharaman

This is the first time the event is being held in India and it is being hosted by the Institute of Chartered Accountants of India. Over 6,000 people are physically attending the four-day event and over 3,000 will be attending virtually.

Among those physically present, over 1,800 are foreign delegates from more than 100 countries, representing various different stakeholders in the process of looking at the world of accountancy and chartered accountants, the finance minister said.

The event also comes ahead of India taking over the G20 Presidency on December 1.

"India is going to start the G20 Presidency, where the line that is going to be guiding us is 'one earth, one family, one future'. This actually encapsulates everything to do with sustainable growth and that the future is completely dependent on what we do, and lead in such a way that the future of the earth is ensured," she said.

Talking about transparency, the finance minister said the fundamental requisite for corporate governance is accounts, which ensure transparency, and guarantee in a company's financial affairs.

"So the accounting profession itself is ethical and diligent conduct can benefit the multiple stakeholders who are all gathered and assembled here. So I think accountants must ensure attention to fair and transparent practices," she added.