The Hindu Business Line : A leader who inspired

Within two years of India gaining Independence in 1947, the accounting profession witnessed the formation of the Institute of Chartered Accountants of India.

P. Brahmayya, whose birth centenary was celebrated recently, was the President of this institution during 1962-63. Even 28 years after his demise, he is still remembered for his sterling qualities; a father figure and a perfect gentleman, he was not ed for his generosity, independence and integrity.

His advice to the accounting profession at varied levels is considered legendary.

To the entrant

To an articled clerk who later won the gold medal in the CA exam, he said: “Young man, first understand that the chartered accountancy course, unlike any graduate course, is a combination of theory and practice. You have to learn and unlearn, you have to work and study and you have to study and work.

“Articleship has its own charm. Hence, create a passion for learning the rudiments of audit. Understand that the letters A and C should always be remembered not for articled clerk but for ‘attention and concentration’.”

He used to advise students to maintain a diary, prepare systematically, and widen their knowledge.

To those preparing for the exams, his words of reassurance were: “Set yourself a target and ensure that you have prepared correctly according to the syllabus.”

Study leave, according to him, was a time for revision and not for preparing afresh. He always emphasised the need for writing and, hence, recommended that at least three hours a day should be allocated for it during this period.

Practice vs service

Brahmayya’s greatest contribution was perhaps helping a candidate decide between practising and serving the industry.

The booklet Problem of the New Entrants: Practice or Service, based on a talk given by him on February 25, 1976, is given to all newly enrolled chartered accountants. For the person desirous of setting up practice, his guidance was on temperament, nature of the audit (whether corporate or tax work) and availability of necessary financial sources.

For those joining industry, aptitude, adaptability, ability to be a team man and assessment of financial prospects were the factors to be considered, he said.

For the practising chartered accountant, Brahmayya said a thorough grasp of the theory and practice of accounting and auditing and the presentation of accounts are a must. Also required is an analytical mind, coupled with sufficient education, so as to enable him to acquire knowledge of industrial finance and of the technical aspects pertaining to the industry under audit.

A report, he said, must always be concise, to the point, clear and devoid of all technical jargon.

High ethical standards, genial temperament and, above all, patience and discipline were qualities that Brahmayya wanted chartered accountants to possess.

It is interesting to note the following advice to a colleague: “You must feel sorry if you lose the audit for not doing your duty properly. But you should not regret for losing the audit in trying to maintain highest professional standards, integrity or independence.”

For chartered accountants, in general, he always advocated developing a sense of commitment, taking on responsibility, educating the public and also taking pride “that you are an Indian… and develop a sense of humour and taste for arts and sports.”

Brahmayya was an ardent lover of tennis and English literature. Once, after losing a game , he went to the opponent and said “love all.” Yet another incident brings out his fine sense of humour. To a close friend who went on eulogising his qualities at a meeting, he quickly responded by saying, “Thank you, Boswell.”

Essence of the profession

The following part of his speech at the 14th annual general meeting of the ICAI in September 1963 captures the essence of the profession: “Remember that for achieving success in a profession, it is necessary that knowledge acquired for an examination should be kept up-to-date by a continuous process of study and observation. In order that your work may inspire public confidence, it is also essential that you maintain the highest standard of independence and integrity.

“The path that you have selected is hard and beset with dangers, difficulties and perhaps with some temptations. But I assure you that if you follow this advice unswervingly, the rewards and satisfactions ultimately will not be small.”

(The author is Vice-President, the Society of Auditors.)