Trouble seems to be brewing between the apex accounting body of chartered accountants, the Indian Chartered Accountants Institute (ICAI) and the Institute of Costs and Works accountants of India (ICWAI). The ICAI has declared an open war against the proposal of name change of ICWAI to Institute of Costs and Management Accountants of India (ICMAI).
In a meeting called by the Parliamentary Standing Committee on finance recently, the ICAI opposed the ICWAI’s move to change the name on the grounds that the name change would create confusion among the industry people and common man.
Further, ICAI has raised the issue in its August journal as well. It says: “It is pertinent to mention that the Cost and Works Accountants (Amendment) Bill, 2010, contained a proposal regarding change of its name from the ICWAI to the ICMAI. We have expressed our concerns over the proposal for change of name of ICWAI to ICMAI. We are following up on the matter”.
Even after over 40 years of repeated efforts to change the name of the institute to bring it on a par with other similar bodies across the world, the ICWAI has been unable to do so due to the strong lobby of chartered accountants, an official source from the institute of cost and work accountants told The Indian Express.
Across the globe, the word ‘management’ has replaced ‘works’ in the name of the institute, he said. All the same, the ICAI argues that the name change will not only create confusion but also place chartered accountants at a disadvantageous position because it will create a misconception among industry people regarding the work done CAs and CWAs.
Dear professional colleagues and friends,
Please don’t fight over name and waste your time… No degree can assure of all the success unless you really strive for it. The legislature will take its own course and will set things right. so relax and focus on your work…
after all naam me kya hein!!!
Hello
I have no clue why ICAI think that it can dictate everything. Once Gurumurthy moaned about so called level playing field for Indian CA firms in India. What kind of level playing field now ICAI doing
I heard that once ICAI banned CA’s from taking ang CFA qualifications. Now they are onto ICWAI. I once regd for ICWAI but dropped out. But now an ACCA affiliate.
I do know CA’s who even cannot sign their name in English. probably passed in Hindi, I beleive
So ICAI stop moaning about and stop being a big-brother! It’s time get your act straight
actually cost & management accountants are works for the AAM AADMI because they are directly related to controlling price of the product.congress party which is also the ruling party of India always say that CONGRESS KA HAATH AAM AADMI K SAATH.
so govt. should to switch over from ICWAI TO ICMAI.it is not only works as professional accountant but also indirectly related to the heart of AAM AADMI.
Dear CMA ( spread all over the world )
This is right time to attack our so called DUSHMAN NO. 1
who is creating a trouble for our bread and butter.
very shame to persons who ever respectable person and
what ever political party they belong.
we should adopt a four way missile attack on them.
we mean legal action, publicity action, gherao their offices, boycott publically and force them to mend their
attitude and behaviour towards CMA PROFESSION.
This is question of survival of
50000 members and 500000 young students.
why we are putting our case to all major political
parties and request them to raise this in parliament
to expose few culprits.
Dear All ,
I Completely agree with Prof D.Makhopadhyay Views .
The Parliamentary Standing Committee on Finance headed by Mr Sinha the former Finance Minister is Completely biased and Politically inclined ,one Sided and influenced by The Institute of Chartered Accountants ” Vehement opposition “.
The committee Members are influnced by some Members of ICAI Who are holding influential positions in Parliament which is Unfortunate for this Country our parliamentary system is based on Equal Rights and Opportunities for all and this core principal had been violated by this committee which bowed before ICAI ” Vehement Opposition “.
I like to raise the Question that is it justified that ICAI Who are not Management Accountants and have no expertice what so ever in Cost and Management Accountancy state their claim on Management Accountancy just by a VEHEMENT OPPOSITION and through their political influence with in the parliament .
ICWAI is a premier Cost and Management Accountancy Professional Institute formed by the Act of Parliament and must be named as The Institute of Cost and Management Accountants of India as only then the Justice will prevail .
The previous Parliamentary Committee formed in 2003 had Strongly felt that the name of Institute should be Changed to The Institute of Cost and Management Accountants of India which is in line with International Practice as World wide the Members of Similar Institutes are Known ” Cost and Management Accountants ” or ” Management Accountants” but this Committee is biased towards baseless , Manipulative , politically inclined Vehement opposition of ICAI .
My question is will our Parliament will bow to unjustified Demand and Manipulative tactics of ICAI or it will give Justice to ICWAI Genuine Demad to Change the name of Institute to THE INSTITUTE OF COAT AND MANAGEMENT ACCOUNTANTS OF INDIA .
The parliament must give Justice to Members and Students of ICWAI as since last 40 years now the Institute is making request to change its name even Pakistan and Bangaladesh had named their Institutes as The Institute of Cost and Management Accountants of Pakistan since 1966 and The Institute of Cost and Management Accountants of Bangaladesh since 1980 and in 2009 Srilanka also formed The Institute of Certified Management Accountants by Act of parliament .
ICWAI is now the only Institute left in entire Management Accounting Institutes of the World still Known as Cost and Works Accountants it is really UNJUSTICE to this Great Institute of our Country .
The parliament must Consider all facts into Consideration and should not be partisan in their Judgement and should not bow to manipulative , baseless Vehement oppostion of ICAI .
The name of Institute must be changed from The Institute of Cost and Works Accountants to The Institute of Cost and Managements Accountants of India only the Justice will Prevail .
Thanks All ,
Neeraj
Passing CA or ICWAI is a basic platform after that it is the individual own performance , his vision , his positive attitiude will set the destination . I dont think we should fight like this and try to prove the best.
I had a six years of experience in multinational co where there are lot of chartered and cost accounatnts but I found that a person sitting in top management has good leadership quality where he is able to work and take work with his subordinates and could fight for them and the same time get respected .
hai All,
I don’t understand why CA people are objecting name change proposed by ICWAI. Are they afraid of something. I think so, otherwise there is no need for these sort of low standard behavior. If any CA have doubt on the standard of CWA pls ask somebody with CA, CWA and CS tag about the course and whether they passed the qualification easily. No doubt CA are enjoying their statutory power as well as their more member strength. But slowly this monopoly will comes to an end. what ever be the qualification, people with real talent and caliber are going to perform. Try to give and take respect each other. Because of the MOU between ICWAI and foreign institutions members could have the CMA tag even CA’s object it.
Prof. D. Mukhopadhyay says:
September 1, 2010 at 10:05 am
With reference to the Parliamentary Standing Committee on Finance’s Report dated 26th August 2010 on Cost & Works Accountants (Amendment) Bill 2010, it is a very sad to state that the Parliamentary Standing Committee on Finance headed by Shri Yashwant Sinha could not find any merit on the recommendation of the earlier Parliamentary Standing Committee on Finance headed by Shri B. C. Khanduri (2003) who strongly recommended that ICWAI should be renamed as ICMAI. Moreover Shri Sinha did not offer any rationale as to why he could not favorably consider the reply of both the Ministry of Corporate Affairs as well as ICWAI to the query raised as to why the ICWAI should be renamed as ICMAI but the Committee seems to biased to the “vehement opposition” of the ICAI who has been resisting the name change of ICWAI for last forty years. It is interesting to see that this time ICAI has included ICSI as management accounting specialized body besides ICAI . And finally the Parliamentary Standing Committee on Finance has recommended that the ICWAI should be renamed as “the Institute of Cost Accountants” since the term”Works” is a hurdle for the ICWAI to secure recognition internationally! The entire body of recommendation seems to be politically motivated, diabolical and stymieing to the growth and development of Cost & Management Accountancy Profession in India. The said Committee has taken into consideration the definition of management accounting given by CIMA but failed to accept ICWAI as the ICMAI inspite of fully knowing the genesis of today’s CIMA.
In service life , i have seen that ICWA s are the silent performer, whereas CA simply boast of the qualification.PSU is the biggest example, where opportunities have been given on parallel although some bias is there that they prefer CA s , but given the opportunities CMA have flourished , while going thru the data base of 250 PSU,one will certainily get that in how many PSU, CMA is on the topslot.But PVT sector, who believe in Propaganda and publicity has not given ample opportunity to ICWA to flourish vis a vis CA, so there is requirement to change the mind set.GIVE EQUAL OPORTUNITY TO BOTRH OF THE PROFESSION AND SEE THE RESULT.
NAAM BADE AUR DARSHAN CHOTTE.
IN CASE OF Training of 3 yrs in CA, in my student life i have see how the concept of dummy training came.Now president should also put forth CMA in the definition of Accountant which our Sister Instt. is dominating.If we are not being given recognition, we should go to judiciary, Where only we shall get due recognition.we shall not mind if membership fees is increased further , but our
I Completely agree with Mr Neeraj ,
Through out the World ICWAI Members are Known as Cost and Management Accountants or Management Accountants .
There are countries where there are two or more than Two Institutes and Cost and Management Accountants have legal recognition through Parliament of those Countries , some of those Countries are ;
SRILANKA : The Institute of Certified Management Accountant of Srilanka Established Under Act of Parliament No 23 2009 and The Institute of Chartered Accountants of Srilanka did not oppose the establishment of Institute and did not raised objection relating to confusion or even used this word Confusion relating to Word Management they supported the Establisment of ICMA Srilanka because they feel that Chartered Accountants do not have Expertise in Cost and Management Accountancy and Srilanka needs Cost and Management Accountants so that Srilanka become Competitive in World Business.
PAKISTAN : The Institute of Cost and Management Accountants of Pakistan was established by The Cost and Management Accountants ACT 1966 since then no objection or Confusion relating to Word Management has been raised by The Institute of Chartered Accountants of Pakistan.
BANGALADESH : The Institute of Cost and Management Accountants of Bangaladesh Established Under Cost and Management Accountants Ordinance 1977 and Regulated Under Cost and Management Accountants Regulations 1980 Since then till date No objection or Confusion relating to Word Management had been raised by The Institute of Chartered Accountants of Bangaladesh.
UNITED KINGDOM : Chartered Institute of Management Accountants which was Established in year 1919 as The Institute of Cost and Works Accountants has a 90 years History behind it and The Institute changed its Name to The Institute of Cost and Management Accountants 1972 and Granted Royal Charter in Year 1975 and again changed its Name to The Chartered Institute of Management Accountants in 1986 all other Institutes such as ACCA , ICAEW , ICAS supported the Institute and did not Raised Objection and moreover all these Institutes said that yes we need CIMA as they are Experts in Cost and Management Accounting which is their Core Competency .
But unfortunately ICAI Opposes the Name change of ICWAI to ICMAI On a Baseless grounds the the Word Management Accountant will Create Confusion it is nothing but lack of Confidence among Chartered Accountants of India and it is because they do not possess Knowladge , Skills and guts to face Competition moreover ICAI Members are not atall trained to perform Cost or Management Accounting work thier Core Cometency is External Financial Audit and Financial Accounting .
IT is hightime now that Name of The Institute Should be changed from The Institute of Cost and Works Accountants of India to The Institute of Cost and Management Accountants as India is facing Competition from other Countries in World Trade and only Cost and Management Accountants had Expertise to make INDIA Competitive in World Economy through Implementation of World class Cost & Management Accounting Techineques .
Thanks ,
ICAI Members are not capable to develop the company internaly. They are capable only to give reports to outsiders. Without developing the company, good profit will not be there, if there is no profit, Gov. will not get revenue through Tax, therefore icwai is only professional boddy to develop the nation through developments companies
(A) “Management” is science , art, technique and practice of getting things done from several resources by balancing the interests of several groups of people associated with the business/organization to meet the objectives of business/organization.
(B) Accountancy is the language of the business through which different communications can be made to different groups of people.
So, if we discuss the matter of Accountancy , there are two side 1.Nature of Information and 2.Receipent of Information.
Financial Accounting –
Nature of Information : Financial Transactions [ Transaction means event (one that has happened) of financial nature]
Recipient of information : Anybody
Human Resource Accounting :
Nature of Information : Related to Human resources
Recipient of information : Anybody
Inflation Accounting
Nature of Information : Related to Inflation
Recipient of information : Anybody
In the same way
Management Accounting
Nature of Information : Anything
Recipient of information : Management
The definition of Management (activity of Managers) includes dealing with several groups of people associated with the business/organization . So, management accountancy includes all these financial accountancy, cost accountancy etc.
This is universal truth. Looking for legal definition is not suitable procedure. For certain things legal definition may be required , but not for all.
Though Ayurveda, Allopathic, Homeopathy are medicines and medical sciences , the testing procedures and usage procedures are different. The procedures of one may not fit in other. Every discipline comes from universal truths and practices. The universal fact is broader than legal definition, If any legal definition is to be defined we need to consider universal truths and practices.
As per ICAI, there are some Chartered Accountants dealing with Management Accountancy , so the word Management can’t be attached to ICWAI. There are some Chartered Accountants who deal with astrology, and some are novelists, based on that, is it right to say “the word “Astrologer/ Novelist” can’t attached to any body, if attached , it creates confusion” ?
We should not frame a theory based on some examples. A theorem should fit in all circumstances.
Dear All ,
As we all know that The Cost & Works Accountants Bill 2010 was introduced to Rajya Sabha – parliamentary Committee on Finance for much awaited and desired Amendment to change the Name of ICWAI to ICMAI and The Parliamentary Committee on Finance had denied our legitimate and genuine demand to be named as The Institute of Cost & Management Accountants of India and in fact Recomended to be named as The Institute of Cost Accountants of India , In year 2003 the same committee favoured the name Change inspite of opposition for such name changed by ICAI on the same grounds which they had made this time it shows how ICAI use its political clout to manipulate decisions in its favour and suppress the growth and development of other sister Institutes (ICWAI & ICSI)
The name change of ICWAI TO ICMAI is a Right of every Member and Student of the Institute as we are known as Cost & Management Accountants or Management Accountants in other Patrs of the World and because of Manupulative tactics and Narrow mindedness of ICAI we have been denied our legitimate and true Identity , for the last 40 years which is very long period we had been denied our Right and now when it seems that under the able leadership of Hon’ble Minister of Corporate Affairs Shri salman Khurshid ji we will be given our legitimete Right to be Named as Cost & Management Accountants the ICAI used its clout to influnce the Committee Members .
ICAI had a long history of Manipulating tactics to hinder the Growth and Development of ICWAI & ICSI .
ICAI had given Representation that the Word Management will create Confusion and therefore Name of ICWAI should not be changed to ICMAI .
I ask the President of ICAI that there are countries where there are two or more than two Institutes , I give a brief details of those Institutes :
UK INSTITUTES :
1 ) Chartered Institute of Management Accountants (CIMA).
2 ) Institute of Chartered Accountants of England & Wales .
3 ) Institute of Chartered Accountants of Ierland .
4 ) Institute of Chartered Accountants of Scotland.
5 ) Association of Chartered Certified Accountants (ACCA).
USA INSTITUTES :
1 )The Institute of Management Accountants (IMA)
2) American Institute of Certified Public Accountants .
CANADA INSTITUTES :
1 ) Society of Certified Management Accountants of Canada (CMA)
2 ) Certified General Accountants of Canada (CGA)
3 ) Canadian Institute of Chartered Accountants .
PAKISTAN :
1 ) THE Institute of Cost and Management Accountants of Pakistan (ICMA)
2 ) The Institute of Chartered Accountants of Pakistan .
BANGALADESH :
1 ) The Institute of Cost and Management Accountants of Bangadesh (ICMA)
2 ) The Institute of Chartered Accountants of Bangaladesh .
SRILANKA :
1 ) The Institute of Certified Management Accountants of Srilaka (CMA)
2 ) The Institute of Chartered Accountants of Srilanka.
AUSTRALIA :
1 ) The Institute of Certified Management Accountants of Australia (ICMAI)
2 ) The Institute of Chartered Accountants of Australia .
3 ) Institute of Certified Public Accountants of Australia .
4 ) The National Institute of Accountants .
NIGERIA :
1 ) The Institute of Cost and Management Accountants Nigeria .
2 ) The Institute of Chartered Accountants of Nigeria .
Thus, both Cost & Management Accountancy and Finacial Accounting Institutes are providing services to the Society without any sort of Confusion and why only in INDIA ICAI is opposing the Name Change of ICWAI to ICMAI on such pretext that Management word will create confusion is baseless and it is only a Rigid and Manupulative tectics by ICAI to block Name change of ICWAI Which is a RIGHT of every Member and Student of ICWAI .
In fact the Name of ICAI should be changed to The Institute of Financial Accountants of India (IFAI) as Rightly Said by the President of ICWAI that why ICAI Should be allowed the borrowed Name from British Institute even after celebrating 64th Independence Day.
INDIA is a SOVEREIGN COUNTRY and using CHARTERED in the name of Institute by ICAI Which is a Royal Charted given by Privy Council of UK Must not be Allowed by ICAI as it came to Existance by the ACT of Parliament of a SOVEREIGN COUNTRY , INDIA similar to ICWAI & ICSI and thus the name of ICAI Should be changed to INSTITUTE OF FINANCIAL ACCOUNTANTS OF INDIA by Making required Amendments to the ICA ACT 1949.
Now I like like to highlight some of the POINTS Why ICAI is opposing the Name Change of ICWAI .
1 ) GLOBAL IMPORTANCE OF COST & MANAGEMENT ACCOUNTING – ICAI WANTS BACKDOOR ENTRY :
INDIA is signatory to GATS Under WTO and the Governmaent had to Open Service sector now ICAI is afraid of Competition from Professional from other Nations having Internation Qualifications and more uptodate and more skillful than India Charted Accountants ICAI Know this and thus want to manipulate the decision makers by virtue of their political clout to grab the work of other Sister Institutes in which ICAI Members had No Expertise their motive is to grab work of Company Secretaries and Cost and Management Accountants which should not be allowed other wise again Scams such as Satayam and GTB will take place and the Distribution of Work among Professional Institutes must be made on the basis of the CORE Expertise.
ICWAI Members are Experts in Costing , Management Accounting , Direct and Indirect Taxation , Valuation , Accounting , Financial Management and Analysis , Startegic management and Strategic Decision Making , Budgeting , Tresury ect and these are our CORE COMETENCIES and CA’s are Experts in Financial Accounting , Direct & Indirect Taxation , External Financial Audit as most part of their Sylabus covers Financia Accounting , Direct Taxation , and Auditing .
ICAI Recently announced that they had developed Secretarial Standards this shows that they want to grab Work of COMPANY SECRETARIES .
Thus , ICAI had Vested Intrest as they want to Grab Work of Other Professional in Which they had No Expertise that’s Why They oppose Name Change of ICWAI TO ICMAI so that their Members who have no Expertise in Cost & Management Accounting get a Back Door Entry into the profession of Cost & Management Accountants .
LIMITED LIABILITY PARTENERSHIP FIRMS :
Once the LLP Bill is Passed by Parliament the Members of ICWAI , ICSI , ICAI can st up LLP Firm on their own and can invite other professionals to join such firms to provide Mutidisciplinary Services to society at large and Business Community so once the LLP Bill is passed then Members of all the Three Institutes had the Equal opportunity to Establish LLP Firm on their own or with Members of other Institutes Whereas the PRESIDENT of ICAI is giving Interviews in Varoious Newspapers that CA’s will Establish LLP Firms and that Firm can have Company Secretaries their can be Cost Accountants & MBA’s it Seems that the PRESIDENT of ICAI is under FALSE ILLUSION that LLP Firms will be Established by CA’s and other Professionals are Compelled to join such LLP Firms . I Want to awake the PRESIDENT OF ICAI FROM SUCH FALSE ILLUSION that both COMPANY SECRETARIES AND COST & MANAGEMENT ACCOUNTANTS are capable of Establishing LLP Firms and CA’s cam Join such FIRMS as both Company Secretaries and Cost & Management Accountants are more Skillful , Knowladgeable , Ethical and professional than Chartered Accountants .
In recent Scams such as SATAYAM and GTB it had beeen proved that what kind of Ethical practices are followed by Members of ICAI When performing Audit of Companies , people lost their Jobs , Investors lost their Hard Earned Money because Auditors are doing Audits only for Money and Name sake Financial Auditors are STAMP AUDITORS thus the Government should allow Financial Audit to be Done By other Professionals so that Competition serve as a Deterance to such Malpractices By Statutory Auditors.
I appeal to Every Member and Student of ICWAI to come forward raise Voice against this Unjustice to our Members , Students and Appeal the Decision Makers to change Name of our Institute to ‘The Institute of Cost and Management Accountants of India’ ICMAI as we are COST & MANAGEMENT ACCOUNTANTS and it is our TRUE RIGHT to be named as THE INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF INDIA .
Thanks All ,
President’s Message
President’s Communique – September 2010
“Kaun Kehta hai, soorakh aasman mein nahin ho sakta, Ek patthar to tabiyat se
uchhalo yaron.”
An Urdu Couplet
(Who says it is impossible to pierce even the sky, all you require is a spirited
effort.)
Dear Professional Colleagues,
My Greetings to all fellow Indians on the 64th Independence Day. I had the
privilege of hoisting the National Flag at the ICWAI, H.Q, Kolkata in the
presence of Council Members and officials of Kolkata Office. I am also happy to
note that similar celebrations took place in our regions and chapter offices.
The Companies Bill 2009
We compliment the Standing Committee on Finance for paving the way for smooth
passage of one of the most important pieces of legislation for corporate
governance in the country by giving its recommendations to the Parliament on The
Companies Bill, 2009. In its forward looking approach, the Committee has
concurred with many of the proposals given by the Institute. New Clause 122A has
provided for appointment of internal auditor for certain class or description of
companies to be prescribed who shall be a Chartered Accountant or a Cost
Accountant.
The Committee has also recommended to the Ministry of Corporate Affairs to
consider favourably the suggestions of the ICWAI for appropriate coverage of
corporate sector for mandatory maintenance of cost records, bringing within its
ambit exploration, mining, processing, manufacturing, infrastructure and
utilities, keeping in view the significance of cost control for industry. The
Committee has also recommended changes in the methodology of appointment of cost
auditors.
The Committee has expressed their concern to make the process of statutory audit
and functioning of financial auditors truly independent, especially in view of
the recent instances of corporate fraud committed in respect of Satyam.
Constitution of National Advisory Committee for Auditing and Accounting
Standards (NACAAS) to oversee the auditing standards is a right step towards
achieving right standards of auditing.
Name Change
As you are aware, The Institute of Cost and Works (Amendment) Bill, 2010, which
was introduced to the Rajya Sabha, on April 28, 2010 was under consideration of
the Parliamentary Standing Committee on Finance. The Committee submitted their
report on August 31, 2010. It may not be out of place to mention that the same
Committee in 2004 had recommended to the Government to change the name of our
Institute to “The Institute of Cost and Management Accountants of India” after
considering the objections of ICAI to the proposal of change of name of ICWAI.
They supported the necessity of the change in the name in the context of
positive leverage in Mutual Recognition Agreements, enhanced image of the
Institute in the international platform strengthening prospects of professional
members and in the national interest in having the due share in trade of
Management Accountancy services in the world in open competition. In the present
report, the Committee has noted that due to the “vehement opposition expressed
by ICAI to the proposal in particular” has “prompted a rethink in the matter”
and have indicated that “upon considering the matter, the Committee are of the
view that as proposed in the Companies Bill 2009, it would be preferable to term
the designation attached to the profession “cost accountant”; and rename the
Institute as the “Institute of Cost Accountants”.
It is unfortunate that the Institute of Chartered Accountants of India, which we
have always considered as a sister professional body, took such a stand by
virtue of their larger number and having members in influential positions. It
may be noted that the objections of ICAI to our proposed name change is no
different from the grounds that were taken by them in 2004, which was not found
to have any merit. We from ICWAI made strong representation to the Standing
Committee, refuting the concerns expressed by the ICAI, supported by references
to national as well as global international practices.
It appears that the Committee considered the function of our members as defined
under Section 2 of the CWA Act in its present form and has proposed to drop the
word “Works” from the designation of a Cost Accountant. With due respect, I
would like to submit that the Committee should on the same logic propose to
change the name of the ICAI to “The Institute of Financial Accountants of India”
since section 2 of the ICA Act states the function of its members as auditing
and verification of “financial” transactions. In any case, the word “Chartered”
is a legacy of the British Raj and the name itself was borrowed from the English
Institute which had a Royal Charter. Our legislators should seriously consider
whether we should continue with such a designation after celebrating the 64th
year of Independence. I call upon our members and right thinking people of the
society to impress upon the Legislators, Regulators and the Government of India
to seriously consider whether an autonomous body constituted under an Act of
Parliament of a sovereign country should be allowed to continue the word and
designation “Chartered”.
The ICAI in its argument has stated that the change in the name of ICWAI to
ICMAI would create confusion about the role and scope of the members of the two
Institutes. As per the proposal of the Committee, if our name is changed to “The
Institute of Cost Accountants of India” (aka ICAI), we should then logically be
allowed to use the abbreviations “ACA” and “FCA”. I leave it to the judgment of
the members of our Institute, members of the ICAI and the Government to decide
which will be more confusing – the proposed name change as per original bill or
as expressed in the Standing Committee Report.
The ICAI, which took birth before ICWAI, have had the advantage of statutory and
regulatory backing from the beginning which unfortunately ICWAI never had. As a
true professional body, our Institute has always supported the cause of
professionalism even during the period when the profession of Chartered
Accountants faced the crisis of public confidence in their profession recently.
We have always been of the opinion that all the three professional bodies should
work hand in hand for the development of the country and improving the
competitiveness and corporate governance of the economy. In the country’s
economic growth each profession has a vital role to play within the space which
are clearly distinct and have been earmarked by the respective Acts of
Parliament. The power that lies with the professionals should be harnessed to
the country’s development and not bent upon trying to stifle and suppress the
growth of fellow professions.
I am sure that the Ministry of Corporate Affairs headed by an intellectual par
excellence Hon’ble Minister of Corporate Affairs Shri Salman Khurshid ji with
able support from team of experts led by Shri R Bandyopadhyay, Secretary, MCA
will take into consideration all the issues and I am sure the Institute will get
justice.
The Report provides in detail the arguments by the ICWAI and the solid and
logical grounds put forward by the Ministry of Corporate Affairs, for the name
change. The report is available on the website http://www.loksabha.nic.in.
Direct Tax Code Bill 2010
The Ministry of Finance tabled the Direct Tax Code Bill 2010 in the Lok Sabha on
August 30, 2010. The new Code aims to replace current Income-tax Act, 1961 and
Wealth tax Act, 1957. It is proposed to be made effective from April 1, 2012, if
enacted. The DTC will pave way for the Indian corporate and taxpayers to rethink
on the existing structure and mode of conducting business.
The bill has been referred to Parliamentary Standing Committee on Finance and
ICWAI will be making its representation before the Committee for recognition of
its due role in the DTC and various other provisions.
Goods and Services Tax
All of you are aware that despite the best efforts put in by Hon’ble Finance
Minister Shri Pranab Mukherjee to bring reforms in commodity taxation from April
1, 2011, this is getting deferred. The Constitutional amendment required and
agreement of all the State Governments on various issues is the basic hurdle in
the implementation of GST. In this connection, ICWAI has brought out a
publication on “Guidance Note on GST” which has been widely appreciated by the
Regulators and other professionals.
Other Activities
I along with the Vice-president Shri M. Gopalakrishnan met Shri Salman Khurshid
ji, Hon’ble Minister of State (I/C) for Corporate Affairs and Minority Affairs
on July 26, 2010. We apprised him of the developments and challenges being faced
by the profession and offered all assistance from the Institute for undertaking
various programmes of Government. We also met Shri R. Bandyopadhyay, Secretary,
MCA, and thanked him for his constant guidance and cooperation from the
Ministry. We apprised him the various relevant developments in the Institute
also.
We called upon Shri P.D. Sudhakar, Special Secretary, MCA and Smt. Renuka Kumar,
Joint Secretary, MCA on July 26, 2010. We also met Shri T.V. Somanathan, a
member of our Institute, appointed recently as Joint Secretary, MCA and apprised
him about the activities of the Institute.
It is my pleasure to share with you that Cost Accounting Standards issued by
ICWAI are getting recognised in the corporate world. ICWAI and Standing
Conference on Public Enterprise (SCOPE), a representative body having all
Central Public Sector Undertakings as its members, jointly organised a Seminar
on Cost Accounting Standards on July 30, 2010 at New Delhi. Shri Jitesh Khosla,
Additional Secretary and OSD, IICA was the Chief Guest. I had the privilege to
participate in this forum and exchange the views with senior officers of Central
PSUs some of which are one of the largest employers for our members. I am happy
to inform you that the Cost Accounting Standards is already having wide
acceptability and the application of the standards, made mandatory for all cost
certifications from April 1, 2010, is going to help the economy and the society
at large in taking informed decision about matters related to cost and
management accounting.
I was invited at AGM followed by the felicitation function for the newly elected
President of ICWAI by NIRC on July 31, 2010 at New Delhi. During this widely
attended function, as a Chief Guest, I interacted with senior members of the
Institute who were presented with mementos and other awardees of the various
programmes of the Regional Council. It was an opportunity to share and receive
various suggestions from the members in respect of students’ services,
increasing the areas and scope of members in practice and opportunities for
updating the knowledge of members in employment and practice.
I was also invited by WIRC to attend the felicitation function organised by them
on July 31, 2010 in Mumbai. I have noted the suggestions and expectations of the
members and I would like to inform that we are taking necessary steps in this
regard.
Cuttack Bhubaneswar Chapter organized a seminar on August 27, 2010 on “The Role
of Management Accountants in the inclusive growth of Indian economy”. I
participated in the seminar where Shri R. Bandyopadhyay, Secretary, MCA was the
Chief Guest and Shri Saurabh Garg, Commissioner-cum Secretary, Department of
Public Enterprises, Government of Orissa, was the Guest of Honour.
Government of Orissa celebrated “Investor Day” on August 28, 2010 and organised
“Investor Awareness Programme”. This programme was graced by Shri Salman
Khurshid ji, Hon’ble Minister for State (I/C), Corporate Affairs and Minority
Affairs, Government of India; Shri Navin Patnaik ji, Hon’ble Chief Minister,
Government of Orissa; Shri R Bandyopadhyay, Secretary, Ministry of Corporate
Affairs, Government of India and other senior state government officials. A
guide for Investors, which is translated and printed by ICWAI in Odiya language,
was released. I had the privilege to attend the panel discussion with Mr. J K
Mohapatra, Secretary, Finance Department who was the Chairman of the Session.
The SAFA meeting was held on August 8 & 9, 2010 at Dhaka and I attended it along
with Shri G.N. Venkataraman, Immediate Past President and Shri A.N. Raman, CCM
and Vice-president SAFA. The meeting addressed various issues confronting the
profession in our region.
I am glad to inform members that UGC has recognized CWA Qualification for
appointment as teaching faculty in universities and colleges in the area of
Management/Business Administration as Assistant Professor, Associate Professor
and Professor and Principal/Director/Head of Institution subject to fulfillment
of other requirements. The relevant extract and full text of the Notification is
available at the websites of the Institute and the UGC respectively.
The results of the June 2010 Examinations of the Institute have been declared. I
congratulate all the students who have passed the examination and urge others to
work harder for their future efforts. The Campus Placement initiative by the
Training and Placement Directorate at New Delhi has been doing a commendable job
and there is good response from the Corporates to participate in the Campus
placement. They are also continuously approaching other corporates for more and
more participation in the campus. The passed finalists are requested to upload
their resume in the Institute website, so that they can participate in the
Campus Placements to be held throughout the country.
We have proactively contacted many organizations within the Government and
outside, for due recognition for our profession, wherever it has been brought to
our notice. We assure our members that we will continue to take up all issues
with the Government and other bodies, either proactively or as and when it is
brought to our notice.
With the onset of festival season my best wishes for Janmashtami, Vinayak
Chaturthi and Eid-ul-Fitr to all of you,
Yours Sincerely,
B.M. SHARMA
PRESIDENT
Sep 01, 2010
The standing committee report was released on august 31st on the icwai name change issue can anyone send me the link where one can get the same it seems they have referred to the vehement opposition by icai as one of the reasons ? Can someone who knows sth update the forum
Does anyone know if the name change bill will get passed this monsoon session for icmai ? Also mca shoul get the section 284 in dtc to include cma’s under the definition of accountant finally
Ca institute blocking cwa for years now any idea if the name change bill is now being presented in parliament over tomorrow or tuesday ? Also icwai shoul enter into a pact with cpa singapore or usa and go global indian poilitics is only pulling us all down
It is high time to call ICAI’ bluff.
In 2004, Parliamentary Standing Committee favoured change of name of ICWAI. Despite this, ICAI prevented bill from being introduced in Parliament for change , thanks to the its clout with government officials.
ICAI’s argument this time too is not different from the one advacned by them in 2004 – change in name will create confusion amongst the public and industry. ICAI used the same arguement to oppose ICFAI. I am sure it will use this arguement time and again in future too to protect its monopoly.
It is not change in name which is likely to create confusion. It is illogical and totally unprofessional arguements of ICAI which public finds difficult to fathom.
Let’s hope that our learned parliamentarians appreciate the arguemnts put forward by ICWAI and clear the proposed name change without giving much importance to the totally untenable and foundationless arguments of ICAI.
Let all CMAs believe that our parliamentarians will endorse the stand of ICWAI atleast now after 40 years.
This is our problem. Why ICAI is taking botheration ? It is our right. Any how we have to achive.
dear all’
truly said, icai has feeling of losing there monopoly, which is only because of the legislative powers given by the government of india, not else. Yes there is difference between being Associate member of ICAI and ICWAI, compare them with the no. of experience as Associate member of the respective institutes and then see the difference, obiviously icwai will prevail.
Dear All,
I first of all thanks Ministary of Corporate Affairs for placing Cost and Works Accountants Bill 2010 for desired and much awaited Amendment .
ICWAI is one of the Best Institute of India and it Sylabus content and Subject coverage is the Best . ICAI is always afraid of Cost amd Management Accountants becauese Charted Accountants lack depth of Knowladge they only Bank on the excess Recognition given by Government of India till now but now the Government wants to rectify this Mistake and wants that ICWAI Play a lead roll in the Development of our Country by becoming more Competitive in the world market all this had raised eyebrows for CA’s as now they Know that they will not be able to Compete With CMA’s that’s whay they appose Name Change .
ICAI since its inseption tried to interfere in affairs of other Institutes so that other Institiutes will not Function properly it creates every kind of hurdels with in its means they use Negative lobbing to curtail Competition.
ICAI had problems with ICWAI , ICSI . ICFAI in India moreover ICAI Had Problem with Institute of Internal Auditors – USA so they had problem with every one who are better than them .
ICWAI Should be named as ICMAI it is Our Right as we are Known as Cost and Management Accountants worldwide and our Right Should be given to us .
Thanks
Dear All,
It is correct, that ICAI always try to be the leader of every institute, whether they are authorized or not. It is the ICWAI, who only should decide. If the govt. also support ICAI, then the ICWAI institute should be dissolved, which was sometime formed by th govt itself only for the hake of making ICAI happy. And every CMA should get a lesson by either doing CA qualification so that a strogh punch can be given to CA members in the field of knowledge and practice. At the same time all CMA must get one CA from their own family so that the revenue and assignment can’t be bagged in any CA outside the family.
In fact I am taking attempt of CA (Final) as well as CS(Final) only for the ……………….
Don’t worry the CMA Friends
Mr Asish if you complete CWA with in two month . then my advice to join IAS Civil service and Complete within 10days. your brain is so powerful. Also Claim on CA institute or royalty to late indentfy by them to you .and need not do any work.
Mr. Ashish,
I am also a CA and CWA both. What is the basis of your comment that CWA can be done with 2 months study?
I felt it much harder to pass CWA than CA. I think the rigor of the subjects are so close to each other that if you are able to crack either of the course at first the other one will look like a minnow as you need not to have to start from the scratch for the second one (either CA or CWA). At least my experience says so.
If you think CA is much superior than CWA in each and every steps then why CAs are so apprehensive about name change of CWAs?
Please make a comment like a true and wise professional.
Thanks
In India,we do not like each due to different reason.ICAI is opposing because they think that they are suprem though major course are same as in ICWAI.ICAI also do not like thet ICWAI should come at International level and compete in professional field with them.By opposing they are not damaging ICAWI but also ICAI.This is very unfortunate.Shame on ICAI
If CA course is so much superior then why they are so afraid of ICWAI name change- and so sensitive about retaining “chartered” in their own name -that somehow misleadingly signify “Royal Charter of the British Queen”. It is only the CA lobby in this country that is apperantly much stronger than CWA lobby-rather than their claimed expertises. What is the fear for opening up the domains reserved for CAs to other competetive professionals -if they are so much competant and superior-they would any how prevail over others .
all argumentative indians( or cwa’s)
preamble. i am both cwa and ca. so rest easy.
ca has rigour in curriculum.
icwa can be got done with 2 month study and a b + IQ.
Only adv management accounting and indirect taxation (practical q) have edge over ca.
ICWA pass percent is lower as many passive candidates enrol.
CA has fulltime stories.
But yes no one cab deny icwa their claim provided they manage their carrer well.
ICWA always have notion yes notion that ca do accounta and tax. Which is myopia.
i will say if you have ambition anf IQ and want one degree who will u put your money on.
All said to be fair i have always had standalone icwa as my bosses.
ICWAI is much more difficult than plain CA
Nothing but a moron can utter such stupidity
That is exactly why ICAI is so much afraid of ICWAIs name change bill. Had they been so confident about their actual competences and expertises- they would not have bothered so much about name of ICMAI. Let us see who wins , the MCA headed by a very competant, learned and able Minister -who has himself publicly accepted the name change of ICWAI- in line with global practices -or the unwarranted lobbyings / tactics by ICAI- who want to anyhow retain their monopoly -even in this free and competetive economy era . The previous Standing Commitee (Finance)- in 2004- had already rejected all ICAI oppositions -and duly recommended name cnange of ICWAI (to ICMAI). God willing- they wont be successful this time in further thwarting our name change bill.
After having 4 years of post qualification and 14 years overall experience in core accounting in the industry like manufacturing,media and retail,still i am facing the discrimination with CA’s…….on appraisal i was told that though i am not a CA,for down the line carrier growth i have to change the profile……kindly suggest how to tackle this type of situation.
Kishore,
You need not be worry about it. I am not sure in which company and/or industry you are working with? No company discriminates like this once you perform.
Please remember, qualification acts as a gateway to get into any industry.Post of which it is only the performance which is the main and ultimate consideration for your performance appraisal.
I am also not sure about the background of your appraiser. If s/he is from HR then request you not to take his or her comment in congnizance as it is the general perception that HR folks in any company are stupidest of the stupids, barring some exceptions .
If your manager is CA then do not expect that he will let you come up if you are posing yourself as a threat to any CA.
Please continue to perform and make sure that no one can stop you to come up. This a temporary phase.
Why not tell ICAI that the prerepublic (1949) usage of the (British) word “chartered” in their name is also creating a lot of confusion -amongst public at large- who think ICAI is the only legotomate body chartering accountants and ICWAI is merely a body of non chartered (unauhorised) accountants -who should better be avoided -just like food articles not having “AGMARKS”- or goods/artcles not bearing ISI marks.
Urgently ICAI must be rechristened as IFAI replacing “chartered accountants” with “financial accountants ” -if they are so intolerant about our very legitimate name change bill ( perfectly in line with global practices) -and are so concerned about feared public perceptions- about ICMAI -our new name. Alternatively they should be termed “chartered financial accountants ” and the term “chartered” (if retained anyhow) should uniformly precede ICWAI(ICMAI) and ICSI members names uniformly as “chartered cost and managent accountants” and “chartered company secretaries ” alike – This is essential to have a level playing field for all the three statutory institutes.
Icwai continue struggling with CA institute for their true value.Icwai name should be CIMA
If you are with CWA, dont waste time on CA. A career is like a horse. Its always good to ride only one horse at a time! The point is why should you be desirous of CA? If you want to be a ‘CA in practice’ only then join CA and dont join any other course. If your aim is not to be a ‘CA in practice’, then CWA is much better compared to CA! Infact in the Draft Companies Bill (the new one that is to replace the current Act), there is a provision that every company needs to keep a Chief Accounts Officer – and the qualification prescribed is CWA ‘or’ CA. Infact, companies in general treat the CA / CWA as equivalent qualification. Its only the consultancy organisations where there is lots of internal audit or taxation that prefer CAs – but others – and a whole bunch of them including banking / finance / telecom / manufacturing / auto / pharma / etc would prefer a CWA. The chairperson of ICICI Ms. Chanda Kochar is a CWA and not a CA. And also there is a good lobby of CWA in the industry. So remove any apprehension regarding CWA. Its a good course and I would say the way the course is structured, its a better course than CA for those who want to go for employment in industry.
Present ICAI President Mr Amarjit Chopra able to to block implementation of Transfer Pricing guidelines by MCA by his Decent Note in the committee formed. NOW
Even factors
1. MCA is backing ICWAI
2. 2004 Earlier standing committee report in favour of ICMAI
3. Strong representation by ICWAI before standing committee
4. Fear of removal of the word CHARTERED from ICAI
Odds
1. Mr Rahman Khan Rajya Sabha Chairman is the name between ICWAI & ICMAI
Present ICAI preseident is facing the scenario whcih none of the previous ICAI Present has faced.
I am amazed with the reaction of president of ICAI which not only shows their fear of losing battle with ICWAI but also shows how big ego they want to keep and for how long .Though it’s written on the wall that now days of ICAI is getting over and their monopolistic attitude has made them so vulnerable that they can’t think of global fight and unnecessary poaching in the work area of ICWAI.But whatever they do but realty will always going to bite them harshly and in the end the ICWAI will assume it’s role of Management Accountant and will prove it’s worth in advising management in its business decisions.
But it’s foremost duty of ICWAI president to give them back with boot and make their position more logically clear to convince the GOVT that the change should be made by thinking global needs rather getting with ICAI’s useless ego problem and better advice them to think more global otherwise their audit area will go to CPA US once accounting field open to all.
ICWAI claims really needs consideration .
ICAI only so called forte is “3 yrs practical training ” and nation knows what happens in the name of training .
ICAI has not set schedule what an Article is supposed to do in 3 Years of training ,no written guidelines , no monitoring and no adequate compensation to trainees .
The Articles work as Peons is some messy and smelly offices and also work as delivery boys .
The smart people arrange to pay some Xyz CA, a lump sum amount of Rs.500 PM and do paper training and concentrate on studies and pass exams .The less fortunate one do training & get stuck all in the name of CA .
I ask ICWAI body to expose ICAI by filing application under RTI for knowing what guidelines and monitoring is there for evaluation of training .
How ICAI competes with IIT ,IIM in this field and what kind of standards it has maintained .Just saying ,our results are 2% does not make all ill’s good
Before going to decide on suitability of Chartered Accountants (CAs) and Cost Accountants ( ICWAs) for a particular statutory authority ( Salutatory Financial Audit or Cost Audit or Tax audit or Sec 14a and 14AA or any thing) there are certain points to be considered. Both the institutions are claiming , that their institute is more suitable than other. The points are..
1.SYLLABUS CONTENTS OF CA AND ICWA COURSES AND FOCUS : Right from the beginning Institute of Chartered Accountants of India (ICAI) is focusing only on Accounts, Taxation and it does not have strong focus on the internal industry or company management practices .On the other side , ICWAI , included Cost Management Accountancy , Operations Management for strong focus on the internal industry or company management practices . The ICWAI has strong focus on the above subjects and also has very strong focus on Accounts and Taxation. ICWAI has focus on Cost and Management Accountancy , the strong structure of Cost and Management Accountancy is obviously based on the strong foundations of accounts and Taxation.. International Institutes specialized in Management Accountancy have MOUs with ICWAI. So, ICWAI is the sole authority for Management Accountancy . And obviously it states ICWAI is equally strong like CA on Accountancy, Taxation and Audit ( even more strong and advanced than ICAI , because Management Accountancy is based on strong foundations of Accountancy, Taxation)—A person can become a good Judge (like Cost Management Accountancy) only if he is good at law (like Accountancy, Taxation and Audit) .
2.THE FINANCIAL MANAGEMENT PART : Initially in the syllabus of ICAI financial management was not a part. Later for a long time CA did not have Financial Management in its syllabus. This indicates members of ICAI and ICAI are not serious about Fin Mgt. Then how they are eligilible for the posts like VP-Finance, Director-Finance, CFO etc and finance posts?. One more point is “Institute of Chartered Accountants of India (ICAI) does not have strong focus on the internal industry or company management practices”
3.THE RATIONALE BEHIND ASSOCIATE MEMBERSHIP : To become Associate member of ICAI, passing of Final exam of CA is sufficient satisfying article ship .The three years period of article is considered as three years of experience and Associate ship is given in ICAI. But , if you consider ICWAI the associate membership will be given if the candidate passes Final course of ICWAI and possesses three years of responsible experience. Definitely becoming Associate of ICWAI is difficult and worthy compared to three years of articles experience. If we compare the required three years of experience for Associate Membership in ICAI and ICWAI (a) In case of Articles of ICAI specific responsibility is not fixed on person (student) , but in case of ICWAI ( the candidate is mostly employee) the three years of experience is in a job where job responsibility is fixed. (b) most of the times, in ICWAI the person works and deals in the system of an industry where management practices and finance functional are present. (c ) The article ship experience is an experience gained as a student , i.e. . Normally understanding or working with half or zero knowledge. In case of ICWAI the three years of experience is with in job responsibility . If it is experience as semi qualified of fully qualified , then it is the experience gained with sound subject understanding. So in case of ICWA , the knowledge gained is more worthy and sound. The depth and scope of learning is more before becoming Associate Member in ICWAI compared to CA.
SO, ICAI SHOULD RE-THINK ABOUT ITS ARTICLES AND PROCEDURE OF ASSOCIATE MEMBERSHIP . IT SHOULD EITHER AVOID ARTICLES OR SHOULD FOLLOW THE PRACTICES OF ICWAI FOR ASSOCIATE MEMBERSHIP.
4.IGNORING INDUSTRIAL, MANAGEMENT PRACTICES, AND AUDIT : CAs don’t know really much about management practices of Finance ( because only ICWAIs are management accountants , ICWAIs are fully aware of Accounts and Management) , then how CAs are eligible for audit? Even during Articleship also mostly they work under Auditor , not in industry , that also without having attachment to responsibility. A person without Management practices or Industrial Practices is not eligible for audit of organsations. A person can become a good Judge (like Cost Management Accountant) only if he is good at law (like Accountancy, Taxation and Audit) .
5.THE DYNAMICS OF SYLLABUS CHANGE : ICAI is not active in updating in syllabus and passive in equip its students and members to the changing dynamics. Because of the statutory protections that ICAI has , ICAI is mild and passive in changing syllabus. The same can be understood by observing its syllabus changes right from its inception. Financial Management is introduced lately, the dynamic Management Accountancy has no much role .Even now also ICAI is trying for Special Audit under Sec 14A , 14AA just by showing that Indirect Tax is a part of CA curriculum ( without Cost Audit and Management Audit, why such a delayed realization ? Weren’t they aware of the same from several years? ). If having a subject is sufficient for Special Audit, then ICWAI can claim “we are best fit for the posts like Production Manager, COO, because Production and Operations Management is part of ICWAI curriculum”. Without any basic idea on Production and Operations Management , how ICAI can claim for 14AA.
Because of the failure and inability of ICAI in dealing with Finance and Management practices only ICWAI came into existence. Otherwise ICWAI would not have come into picture. Now after several decades , ICAI is claiming “we have expertise of ICWAIs also”. This is like claiming of Type Machine that “I am more suitable than computer in data management”.
One thing is to be remembered “Quality means fitness through knowledge not through ignorance” (see 8.Ignornce and Super ignorance : )
6.THE HARD WORK BEHIND PASS : Persons doing both CA,CWA simultaneously are facing difficulty in passing ICWA than CA. Persons who registered for both CA and ICWA simultaneously are completing CA earlier than ICWA. Number of CAs1,50,000 & ICWAs 40,000. CA syllabus less than ICWA , ICWA syllabus is more. Pass percentage of CA is more.
7.COMARISION WITHOUT STATUTORY PROTECTIONS AND SOUNDNESS: The Institute of Cost and Works Accountants of India is the only Institute in India that has in its syllabus and training contents the proper blend of cost, management accounting, finance and non-finance subjects required for professional management accounting functions. Needless to mention that in the Finance and Management Accounting Committee of the International Federation of Accountants – earlier known as FMAC and now known as Professional Accountant in Business Committee – ICWAI was represented since its inception and not ICAI. ICWAI syllabus covers in-depth company accounts. It is time them to conduct company audits also like CA. How is the idea to open Income Tax Audit to CWA and also remove CAs from VAT Audit as it is indirect tax feild?ICWAI academic filtration is for more superior and tough than simple CA,world wide management accountant has better acceptance than ordinary/simple CA. International bodies recognized ICWA and as qualification equal to their international standard course and allowed ICWAIs to practice in their countries.
And those international bodies gave mutual recognition between their course and ICWA.
But, CA is not given such recognition by international institutions , and ICAI is struggling to get such recognition.
8.IGNORNCE AND SUPER IGNORANCE : Without knowing the above facts , ignorantly some people feel CA is difficult and they have good knowledge than ICWA. They are ignorant people. There is another category , this is SUPER Ignorant people . These people take opinion of these ignorant people and say CA is difficult . The third category people , they argue CA is ultimate in Finance and Accounts and all statutory powers should be given to CAs . These people show the sample of ignorant and super ignorant peoples’ opinion to prove their argument.
9.IS THE RESISTANCE FROM ICAI FOR NAME CHANGE PART OF SELF DEFENSE? : Cost accountants are also called Management Accountants all over the world in UK , US, Canada and even in Pakistan and Bangladesh also. Why that recognition is not given by Indian Govt? Even for name change also govt is not ready. Is this to standardize the argument in point 8?
Why ICWAIs should not be defined under Section 288(2) of the Income Tax Act?
We are experiencing the frauds of audit by CAs ( recently Satyam).
Why CA has more recognition than ICWA in spite of
• Easiness
• Less syllabus
• Less focus on management and financial management practices compared to ICWA
• With less dynamism in syllabus change/ up gradation compared to ICWA
• Easier way of becoming associate member compared to ICWA
AND..
The Accounting Institutes should focus more on improving standards of their education and courses instead of trying to propagate lies about other institutes.
Normally people who are not capable to improve their standards try to interfere into others matters. Their policy is “we will not improve ourself , instead , we will try to lessen others by spreading lies , by doing this we can be on the top… survival by blaming”.
Unfortunately , I heard from some professionals saying “ICWAIs are not fit for higher positions in finance , they know only costing , but nothing about accounts and taxation.. ICWAI is very very easy”. If an illeletarate speaks like this , then it is OK. But how a qualified person is so ignorant about ICWAI?. Didn’t his education give that much of minimum knowledge to have an idea about other professions? They should not be like frog in the well. Is it his ignorance OR lack of proper literacy ( lesser standard of education) OR arrogancy that makes him an unfit manager?
We would have not seen satyam like frauds , if professionals try for fairness and quality.
Be Cool and calm ,the bill will be presented at LOKSABHA and later on once again in Rajyasabha and name of ICWAI will change to ICMAI.
ICAI will definitely oppose , ignore the opposition
GOVT is supreme
by opposing name change of ICWAI, ICAI president shows his lack of confidence. it is proved and no need to give explanation. MCA should take action against ICAI President for insubordination and misconduct.because, ICAI president had taken oath in standing commitee not to publish anything about discusion at meeting. but he has break his oath.
My Appeal from Goverment Of India that kidly Finance Ministry totaly Hand Over to ICAI. Either I think CA Lobby change the Rule Regulation of Finance Ministry and No need for Election By the people for the people of the people.
then remove the word ‘Chartered’ from ICAI….
and if they have guts fight to CWA..
Behind each corruption we wiil find ICAI members brain. God knows whcih course my son/daughter will choose. I will never advice them to choose ICAI course and lead their life as todays ICAI president living.
ICAI IS SCARED OF ICWAI, THAT IS WHY AT EVERY PLATFORM THEY ARE PROTESTING AGAINST ICWAI WITH THEIR LOBBY.AT THE SAME TIME, ICWAI COUNCIL HAS ALSO SOME PROBLEM OF ITS OWN.WHY ARE THEY NOT EXPOSING THE ICAI.A SIMPLE QUESTION, WHY AN ORDINARY MAN APPROACH TO CA.THE ANSWER IS NOT REQUIRED TO BE GIVEN.
ICWAI SHOULD STARTED QUESTIONING THAT WHY THERE ARE CHARTERED IS PREFIXED WITH ACCOUNTANT BY THE DEGREE GIVEN BY ICAI.THEY SHOULD NOT USE THE WORD CHARTERED AT ALL, THIS ALSO CAUSED CONFUSION TO THE RANK AND FILE THEY ARE SIMPLY EXPRESSING THEIR OPINION AND CERTIFYING THE ACCOUNTS.CHARTERED SHOULD MUST BE REMOVED BY THE MINISTRY.BUT THIS TIME ICAI KI DAAL NAHI GALEGI, SATYAM INCIDENT HAS EXPOSED ALOT, BUT LET US SEE HOW OUR MINISTERS ARE REACTING.
ICAI Role as a Hitlar and Finance Ministery and MCA is his own propety.
ICAI is not acting as hitler but is just offending its position.
My simple Appeal from Goverment Of India that, Kindly hand over Finance Ministry and MCA power totaly to ICAI and close the ICWAI and ICSI. Either, I think powerful ICAI Lobby open the war against the Rule & Regulation of Finance Ministry and Power of our Minsters and No need for election By the people For the people Of the people.That the name change of our Ministry would create confusion among the industry people and common man and we think ICAI is Finance Ministry.
well said… They say they dont want it from common man’s point of view,but actually they are afraid to loose monopoly.