• Aug
  • 07
  • 2010

ICAI in fight with ICWAI, Opposing change of name by it

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”.

Indian Express


102 Responses to “ICAI in fight with ICWAI, Opposing change of name by it”

  1. Jainam says:

    my experience says that people thinks C.A is too tough but actually nothing is tough i cleared C.A in 1st attempt but in icwa i cleared in second attempt but really says that icwa covers superb syllabus as compared to C.A.

    my personal experience says that c.a is easy as compared to icwa. Recent ammendments says in future icwa will cover all things from c.a

  2. V Chandra says:

    If ICAI is so strong and their members so versatile that they are expert in every field you name it, the ICWAI and ICSI should be wound up. There is NO ground for their existence By the way Do Ministers have the powers to take any decision or its committee take decisions and Honourable Ministers rubber stamp it

  3. Tamilarasan says:

    cwa also experterd in audit and taxation ICAI Have fear the name change icwa to icma because its over take the ICAI

  4. AMIT says:

    Only CA can Audit because of their expertise in Accountancy, Income Tax and Audit. CWA/CMA are expert only in Costing and at the most Management Accounting. I have taught students of CWA/CMA. The syllabus and level of Accountancy, Financial Management and Income Tax for CWA/CMA Final Exams is of too lower level compared to CA Intermediate (nowadays CA IPCC Exam)forget CA Final.

  5. gaurav says:

    all those people who says icwai is a inferior body than icai is totally wrong it shows they hav not knowldege of the field 

  6. Simar Ahuja says:

    Dear Bala

    In which world u r living…. The costin that learnt in IPCC and FINal of CA is coverd in ICWA-Inter only… Moreover our tax and other syllabus are also wider than yours… just sit once in the ICWAI inter exam, vven qualified CA feels the quality…. ICWA cant be cleared by luck as ICAI.. I can show you more than 100 example of qualified CAs that are unable to file the simple salary retrun… poor in english, no drafting skills no presentation skills and no personality develpment… Now see where you stand…

  7. Simar Ahuja says:

    With spl reference to the comments of Anand, one can judge others only with his own perception and learnings… It becomes clear what ICAI has taught you…. to underestimate others, considering ourself the only knowledgeable persons are that what you learnt… But dear OPEN YOUR EYES and mind too.. the scope coverd under ICWAI curiculam is nowhere lesser than ICAI but the concern is that

    ICAI emphasis Tax
    ICWA emphasis Cost & Management Accounts
    ICSI emphasis Law

    Agitating against the change of name is just the FEAR of ICAI

  8. prakash says:

    Dear Bala,

    Your so called tough cost paper does not make your more expert in costing than a ICWAI. Actually in a long run ICAI will be the loser in every field. In this country only CA has got the statutory backing not only in auditing but also income tax,etc. Why. What value addition they give. If any CA thinks that only he knows audit then its a biggest mistake. . In india we have 90% of the companies are Pvt. Ltd. companies only 10% are bigger companies. 90% CAs are sustaining on small companies in small companies accounts are made by articles or 12/b com pass accountung staff. If a graduate can make the accounts then why not professionally qualified CWA/CS. This is as true as a CA can do cost audit/mamangement accounting or company law. Secondly, why should we have statutory audit mandatory for every company. there are over 70% small companies which have transaction, then what for audit.

    Gradually may 10years down the line, Govt will have to include CWA in tax audit and in new company bill Secretarial Audit already proposed to be started for big companies. this will be the beginning and CA’s monopoly will go.

  9. Mahendra says:

    It surprises when the corruption level is going roof top. The systematic way by which it is being successfully concealed, limited resources being rampantly mis-used for the benefit of few and cost of living becomes so unbearable day by day, Is there any tool of checks and balances to oversee all these .The present system of conferring the audit/oversee function on one institute called ICAI failed miserably to serve the very purpose of their existence. They behave like a feudal lords hands in glove with power centers. Very recently various financial irregularities published by CAG aptly led by bureaucrat Vindo Rai caught the so called nexus (brains behind the financial mis-deeds and power centers) in wrong foot. And this dis-comfort in Govt functionaries led an attempt which started with the appointment of Shunglu committee to change the functioning of vigilance and audit bodies like CVC and CAG. Committee chief VK Shunglu have suggested the audit body (CAG) should be led by Multi-members (Three) and One of them must be a Chartered Accountant. Although the committee chief is an EX-CAG chief, it cannot be denied that, how much comfort level power centers enjoy with ICAI in designing financial frauds. As long as this relationship is dismantled, Certification of Financial Audit and Accounts profession is open to more able institute called ICWAI, Country will witness more scandals and in the long run very few will amass the resources meant to a large section of society.

  10. Neeraj Chhibber says:

    Dear All ,

    The name of ICWAI will definately be changed to ICMAI as we are Cost and Management Accountants through out the world we are Known as Management Accountants it is because the manupulative and unathical practice of ICAI taht we are denied our true identity .

    All our Members are Top class Management accountants and best Finace professionals and Indiand Charted Accountants know that they cannot Compete with us tahts why they try unethecal lobbying .

    Just Three days back ICAI had written letter to MCA asking MCA to adopt their Internal Audit Standards I appeal to MCA that ICAI Members are not Internal Auditors and are not Trained to conduct Internal Audit as Internal Audit Covers Audit of Information Systems , Operational Audit , Compliance Audit , Performance Audit etc and it is not Just Voucher Audit Government of India MCA must adopt Global Standards issued by IIA (USA) Which is the only Internal Audit Standard Body there standards are Acceptable by all size and Nature of organisations throughout the World .

    or MCA must Develop

  11. Surajit says:

    Hi Bala
    You are just uttering the feeble words of ICAI past president amarjit chopra, the derogatory remarks against ICWAI and recent developments only indicate the arrogance nature of ICAI, This is due to exclusive statutory backing they enjoy in financial audit and other areas under various acts together with the fear of losing that monopoly. Just think for a moment ICAI minus Companies act 1956 minus Income Tax 1961 where they stand and then draw a comparison with ICWAI. The CWA fraternity is only the self-made breeds. They carve out their own path in corporate world based merely on the basis of the knowledge and talent (Despite facing discrimination in work field from either in the form of a CA boss or CA colleagues as they also nourish the same notion as you). This is as a result of stringent valuation process in exam and superior syllabus standards laid down by ICWAI. Again from personal experience I can say there are a lot CAs who have utmost respect to ICWAI and other professions and Please do self-introspection.

  12. RAM says:

    r u foollllllllllllllll…………………….

  13. bhavik satpute says:

    hi satyesh, u r absolutely right..cwa should mustly required to change the name of icwai to icmai…because even in our neighbour country and in foreign countries CWA are known as MANAGEMENT ACCOUNTANT..so INDIA should mustly do need it,MCA should mustly give permission for ICWAI to ICMAI as early as possible…and also cwa has covered broad syllabus & then cwa is allrounder in all field..and i suggest the institute for icmai (institute of chartered management accountant of india)………….bhavik

  14. BALA says:

    why icwai wants to change its name? their valuation in exam is very low.. cwa is an ordinary course like b.com, bba…. all cwa’s r not knowledgeable persons… they r just lik a degree holders… before arguing to change name, first equip urself…

  15. BALA says:

    ca,s have no knowledge?.. come and write ca exam.. persons getting exemption in costing cant pass in our ca costing exam..

  16. Prakash says:

    Why does the Govt. get influenced by lobbying of ICAI or any other body. This should be purely on merit basis.I would say Govt. should show ICAI its real place i.e book keeping and auditing. Even tax audit,bank audits should be opened for CWA and CS.

    Secondly, ICAI should not be allowed to enter in the domain of cost accounts and CS. they should be told to concentrate in their core areas rather than doing Dalali for their clients and interfere in the ears where they have no knwoledge.

    Thanks

  17. ishan says:

    CMAs in Nation Building – Today and Tomorrow
    Chairman’s speech at the 51st
    National Cost Convention at Fortune Park,
    Panchwati, Howrah, on April 23rd
    , 2010.
    Ladies and gentlemen, let me use the 51st
    National Cost Convention platform
    to place a few critical questions. The answers are within you.
    1. Can a resurgent India, our Incredible India, hope to be the best
    economy in the world without the help of Cost and Management
    Accountants?
    2. Are CMAs set to be the future leaders of Indian industry and
    commerce? The expert committee’s recommendations talks about
    widening the area of cost audit beyond 44 industries and products. Is
    this enough?
    3. It is good that all manufacturing companies with a paid-up capital of
    Rs 50 crore or more will be required to conduct a statutory cost audit,
    which would bring about 25,000 firms within the ambit of cost audit.
    The proposed changes will have major positive impacts on the
    profession, because more firms will have to mandatorily appoint a cost
    auditor and have cost accounting records audited on an annual basis.
    But will big industries go for this just because it is the rule book says
    so, or will there be a real understanding of the benefits of the
    underlying principles of cost auditing?
    4. If large corporations or large government billing exercises can’t work
    without the help of Cost and Management Accountants, isn’t it natural
    to accept them as part and parcel of Nation Building?
    5. At present, over 1,800 cost accounting professionals practise in India,
    against 46,000 qualified people. Probably the new developments would
    change more qualified ones into independent practitioners. Isn’t this
    the first door to steps beyond financial accounting?
    In the face of it, they are very simple questions. But you know, the answers
    aren’t as simple. Even after the world really got serious about cost
    accounting, or management accounting in the late Eighties, the subject
    remains in the nascent, almost academic stage in India. Yet, the new policies
    of the government would be neutralized without the active participation of
    this group.
    Take the Goods and Services Tax regime, for example. This is a nationwide
    change in indirect taxation, and we all know that cost accountants are
    specialists in indirect tax. They should have very important roles in this regime for the change to take place efficiently. The government is the biggest
    spender. So cost audit is essential in that area.
    Good news is that the government has finally been seen as proactive. With
    new cost accounting standards made applicable from April 1, and with six of
    the 10 new standards made compulsory, the government has gone the right
    way in trying to improve cost auditing.
    The idea is yet to become big, companies are yet to make the best use of its
    principles and objectives. Maybe it really needs a big setback for controls to
    set in. When you are young and earning plenty, you tend to over spend, you
    buy the best car to try and impress, you take the best holidays, the best
    jewellery. It is only when the tap runs dry you realize that maybe you have
    not saved well, or probably you should not have spend the way you did.
    Hindsight, they say, is always 20-20. But cost accounting is a science that
    aspires to not only give you that hindsight, in advance, but by applying the
    various methodologies of cost accounting you can see through and analyse
    better than 20-20.
    Isn’t that a great tool for planning, and for policy-making – a tool that can
    lead a person to head an institution or organization and run it successfully?
    Let me affirm with confidence that the CMA has all the trappings of a global
    CEO in terms of the profile. Global business is a numbers game. Look at any
    aspect and there is quantification, there is measurement. There are numbers
    and more numbers, everything from policy formulation to pricing, quality,
    marketing, performance measurement and customer satisfaction is expressed
    in numbers. To quote Jack Welch, “numbers aren’t the vision, numbers are
    the product.” In this ever-expanding world of numbers management
    accounting gives a solid base to the CEO aspirant.
    After all, as it is often said, “If you cannot measure, you cannot manage.’
    As a discipline, management accounting works at the beginning of the value
    chain, supporting decision-making, planning and control. The management
    accountant, therefore, has an inherent cutting edge over other educational
    backgrounds by way of acquiring a sound perspective to business
    understanding and strategic decision making. That is the most fundamental
    pre-requisite in the profile for a CEO. In a number-ruled world, this man has
    a natural advantage in the areas of analysis, interpretation and presentation.
    The CEO, unlike the proverbial horse, needs 360-degree vision. He has to set
    his sight on ALL elements of the product and marketing mix at any given point of time. The product may be right, the pricing may be right, the
    positioning may be right, but a minute variance in logistics or currency may
    severely hit the scorecard. Handling this critical, multi-pronged scenario with
    continuous balancing of internal and external factors is, to my mind, a
    specific USP of a management accountant.
    I always feel that we cannot keep CMAs at arm’s length anymore; we cannot
    any more believe that financial accounting is the cure for all our ills. In
    turning around companies like Jessop, Falcon and Dunlop we have been able
    to use cost accounting to the best effect, successfully instilling control in the
    different processes.
    And if I may say in all humility, I am also a member of both the professional
    institutes of Chartered Accountants and Cost Accountants, and most recently
    in dealing with the most difficult situation of handling the affairs of Falcon
    Tyres – which was under pressure through the great recession period of 2008
    – I preferred the principles of cost accounting over financial accounting to
    derive contribution charts based on the costing principles. This we made a
    complete U-Turn in the profitability of the company.
    This success example of Falcon Tyres is being made available to other companies in the
    Ruia Group. Therefore it is there for you to see you to see that CMAs are quite competent
    to become the CEOs of global companies and are certainly nation builders, not only for
    today, but for times to come.
    Thank you.

  18. sunil verma says:

    icwai should file a case against icai under MRTP Act for opposition of name change.

  19. MANOJ DESAI says:

    I disagree with renaming ICWAI as ICMAI. It will, as pointed out by ICAI, create confusion. Is ICMAI going to introduce another course to award a certification in Management Accountancy? It is not so. The cost accountancy profession has advanced and has been widely recognized to provide critical information and reporting that helps top level managements in analysis and decision-making.
    In line with CIMA of UK, the ICWAI should be re-named as ‘Institute of Chartered Management Accountants of India’. ICAI will, in no case, give up the ‘Chartered’ designation they inherited from British legacy. (Their powerful lobby can even get the parliament to drop the COI and adopt a Charter).

  20. AVINASH GUPTA says:

    CA institute Lobbying like Corporate Lobbying by Nira Radia in 2G spectrum scam
    Big MNC CA Firms are doing Lobbying for CA instute & they are Lobbying against Name change bill of ICWAI.
    Mr. Khurshid said at a corporate governance event organised by industry body CII.
    “In case there is any intrinsic link between corruption and lobbying, then it should be broken and stopped. And this can be done either by regulation or legislation,”

  21. JOHN says:

    being a CWA, i fully understand where a CA makes fool of the management. And it is the only reason why a CA hires a CA only. Except for filling certain SEBI, VAT and Excise Forms, CAs have no practical experience of any worth in comparison to CWAs. CAs have been surviving only by exploiting Articles and then their juniors in corportes. What kind of consultancy these CAs have been doing in Big 5, only god knows. May god save their clientele.

  22. partha sen says:

    the counter proposal of the parliamentary standing committee attached to finance ministry is even more confusing. they said that it should be institute of cost accountants of india. then should the acronym for a fellow member of the new name of theinstitute of cost accountants of india be FCA where CA stands for cost accountant. similarly, the acronym for the institute be ICAI, which is even more confusing. i call upon the chartered accountants not to support the proposition of the standing committee.

    regards,

    partha sen

  23. Neeraj says:

    Dear All,

    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 bowdown 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 COST 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

  24. N.Giriprasad says:

    ICAI has again proved that they are not interested in seeing their other sister institutes develop & become a partner in Nation Building. However despite such stiff opposition, we firmly believe that the ICWAI will come out successfully in its effort & the name change to ICMAI will soon see the light of the day. All the members of the ICWAI would pledge their full support for this great cause. Hum Honge Kamyaab.

  25. BARUAH says:

    ITS PITY TO THE UNION GOVERNMENT OF INDIA. IT HAS SUCCUMBED TO THE MALPRACTICES OF ICAI. WE CANNOT KEEP FAITH IN OUR SO CALLED DEMOCRACY AND PARLIAMENTARY SYSTEM.

  26. S Ray says:

    In a democratic country like India monopolistic mandate which ICAI is enjoying , while other body of equal status ICWAI(ICMAI) exists, is totally unfair and against natural justice. If it continues there will be more satyam, GTB cases.May be there are similar undisclosed cases.Had the then Satyam Chairman Mr. Ramalingam Raju remained silent and did not confessed the fact and the acquisition of Maytas took place , same would have remained undisclosed for ever.

  27. S Ray says:

    ICAI is enjoying , while other body of equal status ICWAI(ICMAI) exists, is totally unfair and against natural justice. If it continues there will be more satyam, GTB cases.May be there are similar undisclosed cases.Had the then Satyam Chairman Mr. Ramalingam Raju remained silent and did not confessed the fact and the acquisition of Maytas took place , same would have remained undisclosed for ever.

  28. sujay says:

    It appears ICAI has reached stages of self contentment.

  29. CMA TARUN RAY says:

    How long ICAI will do monopoly
    practice in Accounts & I.T Audit field ? Why they are afraid of to change the name from ICWAI to ICMAI.It is our problem. They should not take botheration regarding this issue. Any how we have to achive our goal.

  30. Anirudhya says:

    I agreed with the view of Mr Chaudhary
    ICWAI is also formed by the Act of Parliament and it has got also scope of Statutory Cost Audit, Excise Audit, VAt Audit etc
    So it would be natural justice of equity if name of ICWAI is changed to Institute Chartered Cost & Management Accountants of India , similarly ICSI may be renamed as Institute of Chartered Secretaries of India other wise it would create confusion in the mind people that only ICAI is only autorised / registered body and others are not. where as that is not the true fact. We request all members of ICWAI & ICSI raise this issue to form a concensus.

  31. satyesh chaudhary says:

    Sir,
    May please Refer to objection raised by ICAI to long waited name change of ICWAI to ICMAI.
    I feel narrowness on the part of ICAI to interfere in the affairs of ICWAI.

    Recently, Excise audit which was under sole domain of Cost Accoutants was claimed by ICAI saying their syllabus is covering excise….Fine. If it comes syllabus—-is there any institute having better syllabus and coverage than ICWAI ? A committee of experts may be formed and all areas kept for CAs may be opened for ICWAI also if syllabus found with coverage–Secondly my suggestion is to rename ICWAI as Institute of Chatered Management Accountants of India instead of proposed ICMAI.
    Thnk you,

    satyesh chaudhary
    MCOM(CU), AICWA, ACS

  32. C SUBRAMANYAM says:

    ICAI COMMENTING ON ICWAI STANDARDS IS LIKE POT CALLING KETTLE BLACK – ICAI IS ONE OF THE MOST POMPOUS INSTITUTES IN THE WORLD – ITS WORK IS A MOLE HILL AND IT IS MAKING A MOUNTAIN OUT OF IT. ICAI IS AN OLD HAG AND I THINK IT SHOULD BE REVAMPED THROUGHLY.

  33. C SUBRAMANYAM says:

    EVERY ONE KNOWS THE STANDARDS OF ICAI, WE HAVE ALL SEEN THOSE “STANDARDS” IN SATYAM, GTB, KETAN PAREKH, HARSHAN MEHTA AND OTHER NUMEROUS CASES OF TAX EVASIONS DESPITE OF TAX AUDITED STATEMENTS. DONT TALK ABOUT STANDARDS OF ICAI., IT IS LIKE DEVIL RECITING HYMNS.

  34. Vijay says:

    ICWAI deserves it’s name change to ICMAI. ICAI shud hav indeed refrained itself from the name change matter.

    But at the same time the question raised by some CWAs in this discussion that the word ‘Chartered’ shud be removed from ICAI is totally baseless. The meaning of ‘Charter’ is ‘the grant of authority or rights by a statute’. The word ‘charter’ does not always refer to ‘royal charter’ and the word ‘statute’ may not necessarily mean Queens or Kings. Statute also includes ‘Government’ in case of a republic country. ICAI is formed by an Act of Parliament and other Acts passed in our country like The Companies Act, 1956 & Income Tax Act,1961 (etc)gives the right to ‘Chartered Accountants’ (within the meaning of Chartered Accountants Act,1949) to attest financial statements and conduct audit. Since CAs have statutory right to perform audit and attestation function there nothing wrong in the inclusion of the word ‘Chartered’ in their name. Remember in republic countries like Australia, Canada, Ireland, Newzealand, South Africa et al there are Chartered Accountants.

  35. B.Babu Reddy says:

    National debate is required on this issue.

    We want to be called as ICMAI. It is our basic right

  36. Ajay Arora says:

    I think time has come where we need to ask for our right and our dues.We all know how much hard work we need to put to get CWA degree but still when it comes to reognization we always left behind despite having all the skill set.So we should be united and ask MCA to change our name from CWA to CMA immediatley and confirm them that we are not going to accept any other name than CMA.

  37. SUNDARAM says:

    In both developed economies and under-developed economies the counterparts of ICWAI are known as Management Accountants or Cost & Management Accountants. Similarly in Developed economies which are republics i.e. countries not having reigning monarchs/ royals as heads of state, ICAI counterparts are known as Certified Public Accountants or Public Accountants not Chartered Accountants. The reason is Charter can only be provided by a Royal Decree/Act not by Republics. My wild guess is, India is a Republic and is not ruled by any Maharaja or Maharani, hence its is time that ICAI must be renamed as ICPAI .If they resist such renaming, then Republic of India should initiate enquires to find out if ICAI has any plans for overthrowing the Republic and establishing British Raj again in MOTHER INDIA. And if ICAI is renamed as ICPAI then the confusion regarding renaming ICWAI as ICMAI would be cleared since CPA are appointed by shareholders to audit financial entries of companies/institutions and work as Public Accountants. Whereas CMA(s) are appointed by Board/Management to assist in Developing and Analysing Cost-related data (of which CPA would have no expertise) for efficient Management Decision Making, hence the title Management Accountant. I would request all members of ICWAI to rise to occasion and fight for getting the name of the institute changed to its Rightful one i.e. Institute of Cost and Management Accountants of India (ICMAI).

  38. Sandeep says:

    To Admin/all concerned
    Please bring link of this page to the notice of leading news papers to initiate a national debate on this issue.

  39. Sandeep says:

    A profrssional body regulating financial accounting in our country still carrying over a name signifying the then British ruling in India, cherishing royal british culture and neglecting vary cared fabric of our nation , ignoring public sentiment, it cannot be a partner for development of our country.

  40. randeep says:

    ICAI may be perhaps (falsely) thinking that they are the sole legitimate institution authorised to “Charter” accountants (of every veriation) in this country (finacial,management,valuation,works- or any other types of complex and myriad specialised versions of accounting , audit, and advisory functions).
    The term and scope of their so called “charter” being very much undefined -in either their own mother act ( an pre-republic act of 1949) -or in the companies act of /1948/1956 ( revised in1956 -before ICWAI act was later brought into statute books – by free India’s Parliament in 1959- and ICSI act was similarly passed in 1982). They are still pretending as the only staTutory accounting body in this country-totally overlooking that later (in 1959 and 1982) much more specialised institutions of ICWAI and ICSI have been created by the free Indian Parliament to develop and advance more complex and specialised domains of management accountancy and corporate secretarial tecniques and finances. That is why ICAI is so fearful about use of the word “management accountant” in ICMAIs -name which was already ( (in 2004)duly and validly recommended ( perfectly in line with Global practices)- after much sincere considerations and thoughts- by the same Parliamentary standing committee on Finance.
    Actual passage of ICWAIs name change bill has been unwarrantedly much delayed till date(2010) – due to continued negative lobbyings of ICAI.

    While changing the name of ICWAI toICMAI -the name of ICAI should also be immediately changed to IFAI ( Institute of Financial Accountants of India)thus totally removing this misleading usage of the word “chartered” of prerepublic days -falsely signifying Royal Charter of the British Queen-much akin to “Queens Baton” of Commonwealth games.

  41. randeep says:

    ICAI may be perhaps (falsely) thinking that they are the sole legitimate institution authorised to “Charter” accountants (of every veriation) in this country (finacial,management,valuation,works- or any other types of complex and myriad specialised versions of accounting , audit, and advisory functions).
    The term and scope of their so called “charter” being very much undefined -in either their own mother act ( an pre-republic act of 1949) -or in the companies act of /1948/1956 ( revised in1956 -before ICWAI act was later- brought into statute books – by free India’s Parliament in 1959). They are still pretending as the only stautory accounting body in this country-totally overlooking that later (in 1959 and 1982) much more specialised institutions of ICWAI and ICAI have been enacted by the free Indian Parliament in complex and specialised domains of management accountancies and corporate secretarial tecniques and practices. That is why ICAI is so fearful about use of the word “management accountant” in ICMAI -name which was already (previously in 2004) recommended (in line with Global practices)- after sincere consideration and thoughts- by the same Parliament standing committee on Finance.Actual passage of ICWAIs name change bill has been unwarrantedly much delayed till date(2010) – due to continued negative lobbyings of ICAI.
    While changing the name of ICWAI toICMAI -the name of ICAI should also be immediately changed to IFAI ( Institute of Financial Accountants of India)thus totally removing this misleading usage of the word “chartered” of prerepublic days -falsely signifying Royal Charter of the British Queen-much akin to “Queens Baton” of Commonwealth games.

  42. randeep says:

    Actually ICWAIs name change commitees past chairman -had a few years back -written a letter to MCA -on similar lines- which had apperantly created a lot of commotion amongst ICAI members. The issue apperantly has not been adequately followed up -and may need revival urgently.

  43. Sandeep says:

    Tomorrow is 15th August our independence day , we all remember the sacrifices made by freedom fighters and condem the activities of the then British Emperiism .We have rejected and removed as far as possible all signs / names left out by British in India. Name of roads , monuments , buildings etc as given by the then British have been changed / indianised . This is for maintaining our feeling to be more of Indian. For our love and emotion for our mother “INDIA”. This is unfortunate that ICAI is still continuing with term “Chartered” with it’s name which was borrowed from the then British emperilism forgetting all sacrifice made by freedom fighters. So we would request MCA , GOI the rename ICAI to IFAI to pay our respect to the sacrifices made by freedom fighters.

  44. randeep says:

    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 legitimate 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.

  45. Sandeep says:

    CMAs and welwishers of CMA prfessions ,Pls circulate links of this page to all your professional friends & collegues so that every one know the negative contentions of ICAI on ICWAI (ICMAI).
    including following pages
    http://www.taxguru.in/icwai/afresh-attempt-of-icwai-to-rename-its-organisation-to-icmai-fumes-icai.html/comment-page-1#comment-80227

  46. CMA AVINASH says:

    The name of ICWAI should be ICMAI or CIMA because they deserve the position of management accountant by their past experience in the field of cost & management accountancy

  47. Shyju Samuel says:

    The name change should be allowed on simple grounds that it will benefit the CWA Institute and that it will enhance competition. Protective and Monopolistic policies should have no place in “New India”

  48. sureshkumar says:

    we fail to understand why ICAI is against the name change of ICWAI. If there is not an element of fear of loss of business why should they fear.Do thet have any other reasons other than fimsy reasons such as public confusion etc, their president should come out .

  49. Sandip Kr. Das says:

    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.

  50. A K Roy says:

    Sir Rahman Khan Raya Sabha chairman & FCA is the only man between ICWAI & ICMAI.
    If parliamentary standing committee on finance endore the name change ICWAI to ICMAI & the name change goes through -then present ICAI President will be the worst of all preceeding ICAI presidents.

  51. Santanu says:

    Cost & Management Accountancy is a fundamental subject, all concepts of accountancy emmarges from it . It is far more from simple debit or credit and to follow compliance & regulatory aspects(which are being looked after by Law graduates at final stages) , rather strong & rational regulatory setup can be designed based on decisions taken applying Cost & Management Accounting techniques.Constant research work at micro & macro level is required in this subject for the development of our nation. GOI that is MCA is requested to give proper recognition to ICWAI (ICMAI)for development of Cost & Management Accountancy Profession for the interest of our nation. We do not have any conflict with ICAI, rather we need to work together for better harmoni in overall development of Accountancy profession.Regarding name change ICAI may withdraw their stand immediately so that we can keep a good image of Accountancy Profession before other professional communities.

  52. CMA Ashutosh Kumar Gupta says:

    How weak ICAI-simply afraid of the name change.
    Its’ quite unfair, unethical and unreasonable to put any hinderence or blockage to the healthy professional development and denial of the constitutional right of equality. Its’ another kind of apartheid, a foul play by ICAI-perhaps ICWAI needs to play a BATTLE OF AZADI in today’s context to get rid of such malafied clinches, unfair lobbying/bullying tactics by ICAI.

  53. Paresh says:

    My personal view is our society is especially parents of commerce students are giving more importance to CA than to any other qualifications which is because CA can earn money in both legal and illegal ways.

    our society needs to remove this spaces from the eyes and look for other profession also, than only this is so called CA’s (truly corrupt accountants) will come down to earth.

  54. Paresh says:

    Agreed with Arif, but to bring the student for this course GOI needs to give support by setting certain standards like costing / management accounting standards and compulsory cost / management accounting audit by CMA as they have set for CAs, unless this is made compulsory the recognitions by Companies to CMA is very hard to archive. Also GOI should bring in their set ups at par with CA which will help CMA’s to grow high.

  55. CMA Arif Farooqui says:

    @ Vijaya
    whatever little bit development institute has, it is with in last 2-3 years. before that period, it was run by a bunch of senior citizen, who have lived their life and only praying for MOSH.
    now institute has waken from its sleep of 50 years, so we all must provide water to it, so that it wash face and face the challenge with full energy.

  56. Vijaya says:

    I should also add that ICWAI has done nothing either in this country or abroad for helping its members.

    No wonder so many of their students do not pay membership fees anymore. There is nothing to gain.

    Changing name is like renaming roads instead of making new roads. If ICWAI wants acceptability, they have to build their brand. Just changing their name wont increase their membership.

  57. Vijaya says:

    ICAI qualification is not considered on par with those from the GAA (Global Accounting Alliance)countries.

    Only Ireland, UK, Hong Kong, USA, Canada, Scotland, Australia and South Africa are members of the GAA.

    As a result, CAs from IndiaCAs who migrate abroad have to do the exams once again in that country to be considered as chartered accountants. This is really difficult for them as they have to balance a new low paid job in a foreign country and also study to take these exams while also taking care of family. It really puts them on a back foot. What has the ICAI done so far to achieve global recognition?

    All this talk of high standards is only within India. No one abroad thinks your standards and knowledge are high enough. ICAI should introspect first and fix this problem to help their own members.

  58. utpal says:

    Anand (Mammu)
    You were talking about statndard of CA qualification, apart from fraud at large scale & micro level, examination system of ICAI has become a farse , One of my friend appeared in CA final exam in last term, as per her assessment in the paper where she permormed best (in her life time),she scrored only 32 however in the paper where she did worst , she got 65.

  59. Paresh says:

    I completely agree with what Chandra has said. GOI should re-think on the presence of CA’s in India. As they are horses running in the race with eyes’ focusing only on one side, they think they are GOD of accountancy or taxation of Company Law, in fact many of CA passed are even not able to pass accounting entries and if you ask the rules presently applicable for filing a return also not known to them. They only want to get the money based on the so called CA qualification tagged with them.

    GOI should allow CMA’s and CS’s also to conduct the audit.

    It is proven in lot’s of cases that Company’s frauds are kept well below the carpet by this CA’s only, else India would not have seen Satyam or Global Trust scams.

    There should not be monopoly of one professional in any field it should be competitive.

    GOI should restrict the fees charged by them and also the Audi Firm’s must be rotate in two year this will control frauds like satyam rather having one firm doing Audit of Companies (Both Internal & Statutory) for generations changing and still going on as many big firms keep their brother of relative’s firm as Internal or they will do Statutory.

  60. amarjeet cwa says:

    hi dear,

    this is truly unfair that icai oposse the new name of icwai. its shows lack of confidence in mind of icai, they fell that with this changes ” icawai in BOOM”

  61. Chandra says:

    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.

  62. Padmakumar says:

    If the name change will be good for ICWAI then name should change, the amended ICWAI Act is to be passed by the Hon parliament of our country
    not by ICAI ,ICAI is only an institute Like ICWAI both institutes are equel

    Name change is not a big thing…many countries name changes are happening

  63. Vijay says:

    I think ICAI need not worry about this change as no loss is going to happen to its dignity/value. But trying to make it a issue, may degrade its values in the eyes of common public.

  64. Kothandaraman says:

    Cost accountants, can not be compared with chartered accountants.Their standard no where comparable with ICAI.A CA can perform the role of all i.e ICWAI, ICSI. But the others can not do so. Then how they can claim them as management accountants.ICAI is unique body no others should resemble its name.

  65. China says:

    Institute of Cunning Accountants of india/Institute of Culprit accountants of india are not now in quality… They are thinking that they rule the government. Many people are getting false figures by beleiving you in share market. You are the culprit do all tax evation against goverment. CMAs are doing a real Tax/cost management. Unfortunately, ICAI stated in 1949.ICWAI in 1959. They begged the word “Chartered” from Britain. ICWA/CS are at par in qualification but CWAs are not legally recognised as compared to CAs and CSs. If SEBI / Govt wants complete transparency over affairs of company. First break the monopoly of CAs and let us allow CWAs and CSs. Please do not play with students life.. It is more tough to qualify CWA and CS at par with CAs. CA question pater out before exam before few years.. Many CAs are taking classes in chennai mumbai for money, They are just making out the question papers to those who joined with them. Think about others… Be proud to be an ICWAI member. We do not have money like ICAI. because We never involve in corruption and fraud…

  66. CMA Arif Farooqui says:

    @ Anand & rakesh kapoor
    no doubts that ICAI has professionalism and integrity. we all saw it when Satyam, Global Trust Bank, Booth capture, happened. integrity was shown in Satyam and Global Trust Bank and professionalism was in Booth Capturing during ICAI election.
    thanks god ICWAI has not such integrity and professionalism and i am sure even it don’t want such GOOD things.

  67. CMA. Sanjib Das says:

    Dear Professional People’s in the bracket of CA-Profession.

    All these comments noted against the name change of ICWAI to ICMAI is a clear cut fear/threat to the monopolistic startegy existing to them (CA’s). Competency in every professional would come out NOW. In my view all professional Members (CA , ICWA, CS) should work together to build a World class economy and a Strong Nation.

  68. mslnarayana@indiatimes.com says:

    The name change of ICWAI to ICMAI will not have any impact on ICAI.
    And I am sure ICWAI will change its name soon.
    There is no need to fight stake holders of these institutes on this matter
    There could be no loss of bread and butter for ICAI due to the name change or The ICWAI is not changing the name due to lack of conidence.
    The ICWAI want to change the name in accordance with the global standards

  69. utpal says:

    There is no doubt in it that since long Central & Regional Council of ICWAI are having any member with CA qualification, ICWAI cannot progress as each and every initiative of the Institute will get diluted.

  70. CMA. Sanjay Gupta says:

    Why should ICAI have any problem in the proposal of name change of ICWAI to Institute of Costs and Management Accountants of India (ICMAI)? Are they feeling insecure?
    If they think the are best then it should not matter to them. Even after the change of name the quality will remain the same.

  71. Nitin says:

    Anand(mamuu) has no knowledge about that many Cost Accountant’s having the postion of the Finance Head like IFFCO, ICICI, MOSER BAER, ONGC etc

  72. Kalyan says:

    I really dont understand what is this all about. If ICWAI decides to invert its ‘W’ to ‘M’, how does it affect another institute. If thats the case, why were they quiet all the while. Common man understands who a CA is well. If the concern is management of a corporate, i dont think name change as anything to do with that. The institute will be well advised to work on the curriculum and ensure that the same meets the requirement of corporates rather than getting into tussle on issues. These are professional bodies that are supposed to set standards for behavior. I hope sense prevails at the institutes and each one carries on the high quality service that they are known for across the globe.

  73. vinayagam says:

    i strongly condemn & oppose ICAI. it is not having any power of interfering into other institute’s issues. Should not & can not act as a BIG BROTHER.

  74. H.P.VYAS says:

    It is highly improper on the part of ICAI to oppose the name change by ICWAI, due to their sheer fear of losing business, the latter Institute is equally important and covers all areas which are covered by the former. ICAI otherwise, is unjustifiably purposely keeping out very very good students from passing exam of the Institute by making the syllabus unnecessarily covering a vast area of subjects under the sky and keeping the result awefully low giving the impression that this is a super Institute higher than any IIM and IITs.The Govt.should put their foot and show the Institute correct position.

  75. Senthil Kumar says:

    HI dear’s
    i accept this kind of healthy comments, but one thing’s very clear, we should know professionalism & ethical things in our life.

    CA’s members & Friends, pls dno’t critise other’s.

    They are also professional, it’s universal truth no can object that.

    CA Memebers & students are also duing CWA & CS, i don’t know, why they want to be other profession’s. as per your comments, CA are brillant’s, highly Callibrated person’s then why?????

    your standards are well,we accept, then how came sathyam scam friend’s.

    Accpet healthy competation, pls change your thoughts.

    Don’t encourage this kind criticism.

    This is democratic country, They may react like this na, than where u can hide ur faces.

    Pls follow sprit & ethics in our profession.

    We must consentrate our standards & regulations, We are in emergening economy.

    First of all we should eliminate corruption & tax evasion in our country.

    pls co ordinate & ensure intergrity in our field.

    Proud to be indian, save our next generation.

    “Corruption free nation.”

  76. Ravi says:

    The above author who has posted their own Comments, you should not fight with each other related to this,,and make any difference between that “I am CA/ICWA student or Member then the opposite Institute is lower/Inferrior…its the human being who is Superior or Inferior not the particular Institue…You should keep you Professionalism,,,,Thanx

  77. Ravi says:

    I m agree with all the above comments favouring ICWAI ( ICMAI-proposed)..In India every person is free and independant to do any thing which is legal..though ICWAI is also a artificial person and has the same rights as the other have…So in my opinion, ICAI disagreement for change in the name of ICWAI to ICMAI is totally vague…We should be in Favour of over all obeject of Accountancy quality in India and outside the India..If by changing name of ICWAI to ICMAI it can be achived then it must go on…

  78. Govind Sharma says:

    In personal view, i think there should not any negative impact of change in name of ICWAI to ICMAI. The name and integrity of ICAI would remain untouched even after change in name of ICWAI….

  79. Paresh says:

    The ICAI has to first look in their own house rather interfering in the growth of other profession. They themselves do not have competency and so called professionalism, otherwise they would not have bought the foreign “BRANDS” in India in their professional setups. The members and management of ICAI is only looking for minting the money and o not want other profession to even survive. If they are so professional and integrated, the branding they have started in their own profession should be stopped first. The real management of the ICAI is not being done by Indian but are being remote controlled by the so called BRANDS in CA profession. These things are not done by others. Also if they are so professional and has integrity for Country why they should charge in crores and put their hands in the gloves of the management of the Companies, if this would have done the Satyam Case would not have emerged. I personally think GOI should stop collaborating the professional bodies with foreign counterparts as they will bring only unethical ways and concentration in earnings, than looking for the actual work for which they have been formed. It seems India is once again going in the era of British Rule with such attitude.

  80. M. Gokulakrishnan says:

    I think we should’nt much bother about this and fight amoung ourselves. We have much better and fruitful jobs to do in our respective profession and a long way to go. When two political party is fighting… what will we do?? Just laugh on them and carry with our work even though we belong to either of the party… Our quality and importance will not going to get down who ever wins this open war either CA or present CWA.
    Lets talk about some fruitful things…..

  81. N GANESHAN says:

    WHAT INTEGRITY ICAI IS HAVING.. BOOTH CAPTURING, QUESTION LEAKAGE, RESULT POSTPOND, QUESTIONS FROM 0UT OF SYLLABUS, CHARGING VERY HIGH FEE FROM STUDENTS, KILLING THE STUDENT IN THE NAME OF STANDARS,…..

  82. Kakan says:

    @Anand
    Your standard of education is doubtful. Your posting shows that CA standard is far below than ICWAI(ICMAI)education standard.

  83. Hari T says:

    ICAI always adopts double standards with respect to the other sister institutes ICWAI & ICSI. Oposing name changae is to curb competition and to have monopoly in the Accounting profession in India.

    The name change permanently resolves the confusion ICAI created amoung people , industry and common man about the ICWAI
    profession.

    world wide cost Accountant are called “Cost and management Accounts”

    I also wish to reproduce below the message of the ICAI President of india “March journal”

    “ strengthening Bonds : We don’t exist in a vacuum. Along with us exist other sister institutes and regulatory bodies. While our focus is our Alma Mater, we should remember that our sister institutes and other regulatory bodies are also an important aspect of our professional and institutional life. Strengthening the existing bonds while also creating new ones will go a long way in uniting the Institutions together and serving the cause of the nation. The onus lies on us to take the initiative and take the first step towards forming better ties with our sister institutes …….”

    1.Oposing the name change of institute – Is this the first step
    for strengething bonds ?

    2. Whether ICAI thinks that they are regulator of accounting profession in India?

    ICAI should think of giving better service to the nation and common man and industry along with other sister institutes .

  84. s.rangarajan0@gmail.com says:

    ICAI is the best and foremost institute in the Accounts fields. They should not afraid of ICWAI Institute. CA institute should have habitof developing other financial bodies like ICWAI. Satyam case is the example of how CA’s not following rules and regulation. Cost accountant are helping the management to reduce the cost to achieve the objectives and the growth of the company. CA’s are only verifying the growth of the management. Thus CA’s should not fight with ICWAI institute regarding change in name. They are just changing the name CA’s try to understand that.

  85. anand says:

    ICWAI CAN Never be compared with ICAI COZ THE STANDARDS AND THE SUBJECT OF CA IS FAR REACHING TO ICWAI.CWA’S ARE NOT ELIGIBLE TO CALLED THEM AS MANAGEMENT EXPERTS AS THEY DON’T HAVE THAT MUCH OF KNOWLEDGE. HENCE IT IS UNETHICAL TO CHANGE THEIR NAME AS ICMAI

  86. pimple.suresh says:

    Right from the inception of the ICWAI, the ICAI is opposing the existence and scope of the members of ICWAI. This is in line with their thinking of competition.
    Scope of Cost Accountant in Excise shared by CA but Cost Accountant are not included in IT Audit. Because of ICAI” suchvmoves scope of Cost Accounting practice has become limited.

    Parliamentarians and Government will definitely rise to occassion and will stand on the side of equity and justice to Cost Accountant.

  87. C S Reddy says:

    It is not good on the part of ICAI to raise these kind of narrow minded objections .Who is ICAI to interrupt in this type of activities . Whether GOI has to be afraid of ICAI ? Let ICWAI have natural justice .

  88. Hariharan says:

    ICWAI has clarified in several occassions for the necessity of change in the name. MCA to intervene and to take their own stand for the long pending issue. Big brother approach of ICAI is not a healty one for the accounting industry.

  89. alik purkayastha says:

    The name change by ICWAI will bring up-boost to dignity and independence to both profession. ICAI and ICWAI have their definite role and duties to play, change of name does not bring any set back to other profession. Change of name from ICWAI to ICMAI only seeks imparting of meaningful role of Cost Accountants in the days to come to the world at large.

  90. Raj says:

    I do agree with Vijay & Dilip, simple and plain is why ICAI should interfere in ICWAI matters. Is is not true that ICWAI’s are Management Accountants, other parts of the world have changed their name too.

  91. vivek says:

    Is the ICAI act any where called as a ” professional Act”…I really doubt…if any one has doubt then go and check the real meaning of the word “professionalism” in any dictonanary & then utter any word over professionalism attitude.
    world over two lines of accountancy bodies exists be it US, UK, Austrailia, or SAARC countries but still ICAI institute has intalling & expressing concern that The word “management accountant” will cause confusion …what will then ICAI say to the world over management accountant institute to “scarp their bodies” since ICAI doesn’t want any to see any “other managment accountant” institute…..i really really laugh on the understanding level of the so Called High callebered ICAI members who fails to understand & accept the raw reality.

  92. vivek says:

    If ICAI institute is having so much of professionalism & have high integrity than why they itself is loosing it’s own confidence & faith over the name Change of ICWAI to ICMAI, world over CWA profession has changed to “management accountancy profession” & it is very well accepted fact through out the world. The kind of negative campaign adopted by ICAI institute towards ICWAI institute shows the lack of professionalism as well as their loosening faith over their own confidence where they have blind folded their eyes in accepting the reality of ICWAI institute. It’s a shame to the total ICAI fraternity.
    They often has emerged as a road blocking bolder against the growth path of ICWAI profession & once again they have shown their erroneous attitude towards ICWAI.
    Every profession has it’s own uniqueness & we all respect that & a true professional always respect the other professionals, then why such callous approach by ICAI towards ICWAI. Really unethical & act.

  93. amber says:

    ICAI is a statutory and well recognized body all over the world. Many countries want to make collaboration with it. If anyone affects its presence, it wont tolerate it. And if ICAI involve itself in to the matter then there is something which everyone do not know. So Its my advice to people to dont jump over the conclusions until known the whole story.Just wait and watch.

  94. Kakan says:

    @Rakesh Kapoor
    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.

  95. VN Mani says:

    From your comments it appears that you are from CA Community however your claim of so called professionaliism does not reflected from your comments. Mind on your own business it is not your look out to judge actions / stratagy of other institute . Does it have any bearing on you?? , not supposed to! but your unprofessional comments shows you people are scared of name change of ICWAI to ICMAI. We will surely materialise the name change.

  96. murali says:

    sir
    there is no need for ICAI to
    agitate for this . There was a
    time when they dragged ICFA TO
    Court reg resemblance of name.
    Objection was over ruled and was
    in favour of ICFA
    CA RATNAM MURALI

  97. Dilip says:

    One simple Question, Will ICAI accept any interference done by ICWAI in there matter?

  98. Vijay says:

    It is unfair on the part of ICAI to continue their dominance in all areas, including the change of the name of the ICWAI.

    According to me, the change proposed by ICWAI to ICMAI does not give any negative impact to ICAI. In fact, the Cost Accountants are to be called real Management Accountants.

    Hence in this matter, I personally feel, it is better on the part of ICAI not to interfere in the internal matters of other Institutes.

  99. rakesh kapoor says:

    ICAI is a body which maintains high level of integrity and professionalism. It has no reason to fear anyone. The name change shows the lack of confidence by ICWAI

  100. T. K . JAGANATHAN says:

    MCA has evaluated the need for change in name of ICWAI to ICMAI considering the nature of activities carried on by the members of ICWAI and has moved further for the ammendment.
    We hope the name change from ICWAI to ICMAI will be a reality soon.

  101. Kakan says:

    The simple truth is that ICAI fears about loosing some bread and butter and also a setback to its monopoly so far enjoyed on the strength of borrowed name and manipulative lobbying. However in the case of ICWAI, it is not the question of bread and butter, as there will be no change or gain in financial terms to members but will only give a name by which they are called all over the globe.Their is no war cry and ICWAI should refrain from getting provoked. In times to come ICAI will have to accept the competency of the other bodies. If they still want to go ahead. Allow them to do so. They may have the money but Cost Accountants have the moral.

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