• Dec
  • 16
  • 2011

ICWAI Demands Drop “Chartered” From ICAI, Blames CAs for Black money

Press Release
ICWAI DEMANDS DROP “CHARTERED” FROM ICAI

New Delhi: 15th Dec 2011

The President and members of the Council of the Institute of Cost and Works Accountants of India express their utmost unhappiness on the passing of the ICWAI Amendment Bill in the Rajya Sabha on 12th Dec 2011, by which the name was proposed to be changed to the Institute of Cost Accountants of India. Our Institute strongly objects to the move by the sister professional body in interfering the activities of the another professional body to encourage foreign management accounting bodies to establish their presence in India to the detriment of Indian professionals. The Hon’ble Minister in his reply to the debate in Rajya Sabha also questioned “After independence, why a colonial name like Chartered should be there. You know, this is a matter which is left to the Chartered Accountants of India to consider.”

We also demand that in the post independence era let the Government also change the name of the Institute of Chartered Accountants of India into some other name or remove the name “Chartered”. While for this the Government feels that it is the matter which has to be taken up by the Chartered Institute, in our case we find that without our consent our name is proposed to be changed at the behest of The Institute of Chartered Accountants of India. The dominant position enjoyed by the Chartered Accountants are taken advantage by that Institute in creating block for a sister professional body which is catering to the youth to get a professional accounting qualification while working in whatever employment they are already in, to further their growth prospects.

The Institute of Chartered Accountants of India have been continuously interfering with the name change of our Institute, objecting to the name by which the similar cost accounting bodies across the globe are called. Unfortunately, due to their dominant position which was recognized even in the Report of the Standing Committee of Parliament, our genuine request is not heeded by the Government. In the Rajya Sabha’s debate during the Bill many Honourable Members commented that the entry of foreign consulting firms through surrogate Indian audit firms should not be encouraged. They also commented that “That is why it is quite possible that money is illegally taken by some entities to foreign countries with the advice and superb consultancy with the Chartered Accountants…………. That is why along with the quantity of Chartered Accountants………….. the professional ethics in this country, unfortunately, are declining very fast and sometimes feel that it is going to the point beyond no repairs.” In another statement in the same debate Honourable members commented “Now in the recent 2G scam, you will be surprised to know that in all the cases of all these companies, whatever certificates were given by the auditors that their authorized capital is this much and paid up capital is this much, were false. They got the license on the basis of false certificates issued by the auditors. It is a very serious issue Sir”.

The growth of membership as well as students in the past five years of ICWAI has been phenomenal with the growth rate of 30% every year. The students are growing at the rate of more than 50% in recent years. This shows that the youth of the country have recognized that a major opportunity lies in acquiring a professional qualification. In all the cases which was mentioned in the Rajya Sabha debate the Chartered Accountancy profession was targeted but ultimately the punishment was handed over to the Cost Accounting profession which has no role in these scams. Through this exercise, the Institute of Chartered Accountants of India have enabled foreign management accounting bodies to establish their presence in India. Indirectly this is creating a position of dominance for the Chartered Accounting Institute, which goes against the principles the Government is trying to establish through the Competition policy.

The 50,000 members and 4,00,000 students all over the country are pained due to this unfortunate development. The Central Council Members, Office Bearers of the Regional Councils & Chapters of the Institute have started to send their resignation to the President as a mark of protest against this unfair activity of the Institute of Chartered Accountants of India in preventing the just demand of our profession.

Source- http://www.icwai.org

Sandeep Kanoi

30 Responses to “ICWAI Demands Drop “Chartered” From ICAI, Blames CAs for Black money”

  1. wants to be a cma says:

    Ketki says: “This shows nothing but how Cost accountants are jealous of chartered accountants.

    They cant be compared with chartered accountants as their syllabus and studies are very restricted and narrow”

    - Actually your above statements say how narrow minded YOU are… Cost accountants are in no way jealous of CA’s.. why should they be considering their syllabus is much more vast & rigourous and add much more value to any company.

  2. Srikumar says:

    After independence ICWAI is still using English as medium. Why they are not using only regional and national language as medium. And they wants to remove one English word ‘Chartered’ from Chartered Accountant…. Ah?:

  3. Sonu says:

    Both r d expert of there field then why r we making silly comparison. ppl doing comparison should think that wherever u ppl r u r bcause of d hardwork u put den why demeaning ca or cwa n one more thing ppl doing scams require intention to do a scame n not a ca degree hw cn u guarantee that a non ca person can not b a corrupt person

  4. vinay says:

    ICWA ARE THE BEST FINANCE AND ACCOUNTS PROFESSIONAL IN INDIA. CA ARE ONLY DALAL CAUSING HEAVY DAMAGE TO INDUSTRY BY WORST ACCOUNTING KNOWLEDGE. ICWA SHOULD BE GIVEN POWER IN INCOME TAX ACTS, AND OTHER LAWS. ICWA HAS EXPERT KNOWLEDGE OF ALL AREA OF ACCOUNTS AND FINANCE ALWAYS BEARING INJUSTICE OF CA., CA INSTITUTE MUST BE BANNED IN ORDER FOR THE WELFARE OF COUNTRY.

  5. vinay says:

    ICWA ARE THE BEST FINANCE AND ACCOUNTS PROFESSIONAL IN INDIA. CA ARE ONLY DALAL CAUSING HEAVY DAMAGE TO INDUSTRY BY WORST ACCOUNTING KNOWLEDGE. ICWA SHOULD BE GIVEN POWER IN INCOME TAX ACTS, AND OTHER LAWS. ICWA HAS EXPERT KNOWLEDGE OF ALL AREA OF ACCOUNTS AND FINANCE ALWAYS BEARING INJUSTICE OF CA.,

  6. bimalesh mahapatra says:

    Dear CA. Subhash Chandra Podder, giving full respect to your 42 yrs of post qualification experience I want to write you one thing. Please read once againg the words you have used in your letter. This indicates how ethical you are during last 42 yrs.

  7. Pramod says:

    It is a backward decision by  our govt under  these circumstances and the ICWAs are accountants of present and  future not merely the checkers of transactions and certifying them. CWAs are best understood by the Industry and companies therefore they get better job and respect which is a cause of jealousy to otherss. who else may be better to have a Management word to add with their institite. it is only ICWAI which should be named ICMAI and CMAs must be entrusted with all other audits  if Govt want radical changes and eradicate false financial reporting and scams

  8. Iswar says:

    It is the right time to give befiting reply to the currupt institute to rectify Itself.

  9. Ca Girish Maru says:

    Chartered Accountants.
    CA. Subhash Chandra Podder
    16/12/2011

    I agree with views of CA. Subhash Chandra Podder.
    Ca Girish Maru

  10. jagan says:

    It is long time ICWAI ceased to be an effective professional body. It is high time the institute did some introspection on how to be more effective instead of mud slinging on ICAi

  11. Ashok Kumar says:

     ICWAI , ICAI , CFA,CS all the institute are good but, respect each other, i think icwai demand is under the right direction. CA lobby to help sister concern demand. it is time to work together in favor of nation

  12. Himadri says:

    Dear Friends,
    I am a CFA and hence not belong to any of the two institutes. But sill in my independent openion, ICWAI should be renamed as ICMAI because:

    1. We are living in global era, hence we have to accept global developments (for the same reason IOFRS, GST, DTC etc. are in the process of implementation). It is the true & real fact that all over world, the Cost Accountants are known as Management Accountants. India must not go opposite to the global treand.
    2 It is not like that much simple to have a name. As, the name of an organisation serves as its brand and hence is totally linked with its image & functions. The functions of CMAs, worldwide, not merely related to cost accounts, but it extended to modern analylical accounting known as Management Accounting.
    3. Even the Cost Accountants are doing financial accounting related works, as it is the base of accounting & each accountant has to know the suject in a good way to perform his job well. So, the point of present ICAI (& not the proposed ICAI) to have its several members doing Management Accounting works and hence only ICWAI should not be allowed to be ICMAI, are baseless & illogical points.
    4. Last of all, though as of today the CAs/CPAs are in slightly higher visibility/demend than CMAs & CFAs, but as per prevailing trends, the latter two qualifications will soon exceeds the former in both terms.

    LET INDIA HAVE THE PROUD TO HAVE CMAs & CFAs STATUTORICALLY BESIDES CAs.

  13. Vilas Palande says:

    Both “The Institute of Chartered Accountants of India” as well as ‘The Institute of Cost & Works Accountants of India” should be merged by passing a separate bill in the Parliament to close down the issues arising among these Institutes.

  14. guruprasad says:

    THE ACTION TAKEN BY THE ICWAI IS RIGHT. ACTION PER REACTION HONA HI CHAHIHE.

  15. ca.sachin says:

    ca r in demand.getting placements abroad earning high. they r the best

  16. CA. Subhash Chandra Podder says:

    It is unfortunate to see the cries of the President and other Members of reputed professional body in India. Comments made by others are not at all acceptable to me . Why they are commented against the members and also the Institute of Chartered Accountants of India.
    What will be the feelings of the masses ( business houses ) in India and aboard . My appeal not to blame each others and stop immediately by using abusing language which is highly unethical . General Public will feel the pulses of the members of The Institute of Cost and works Accountants of India. Let the two bodies having separate entity work for the Nation ( India and aboard ) . In our country many persons are the members of both the Institutions.In the Respective Acts and Rules members have a choice to take one practicing license either as Chartered Accountant and /or Cost Accountant . The name does not matter to act the Job. performance are rewarded by business houses . one chartered Accountant or Cost Accountant might mistake , that does not mean whole members of the both professional Bodies are negligent of their duties. Stop Barking / blaming each others .comments are are silly and childish, unprofessional .During my post qualification (42 years ) I never saw members of these bodies were shouting on streets / lane and by lanes for their legal dues or demands as like as doctors , lawyers etc. Hence , my request will be not to do any thing beyond the ethical standards set by both Institute. It will be the precedent to the student of both the Institute. Every business entities knows well the performance of Cost accountants and Chartered Accountants.
    CA. Subhash Chandra Podder
    16/12/2011

  17. Anand says:

    It is very frustrating that members of two noble bodies are standing before one another as foes. Please spare some time to think that whether CAs or ICWAs are recognised overseas? Its pitty that nobody has that much recognitions and if the members of these institutes wish to settledown abroad then they have to study further and obtain similar qualification of that country. Now- a- days pl compare yourselves to compuer/software professional, think, they are earning in millions and CAs and ICWAs are nowhere in their comparison even after passing the 100 times hard exams than any other professional qualification. Now the time is to come togather and to make the accounting profession stronger.

  18. Harish says:

    I would say that ICAI should not have intervened in the internal matter of ICWAI.  MCA had given their approval in principal to change the name from ICWAI to ICMAI.    Previous standing committee headed by BJP leader had also given its approval for name change to ICMAI.  But this time standing committee headed by BJP leader thought in the other way.  A lot of politics is being played in it.  It is not good for the professional institutes.  Each one is set-up by the parliament.  One should not try to put obstacle in other’s field & object.  Monopoly of ICAI will come to an end one day & it is really harmful ICAI itself.  It has already begun harming ICAI.  ICAI should believe in open competition with ICWAI /ICSI.  

  19. Muthuswamy says:

    Before ICAI Act 1949, CA’s were called as ” Government Diploma in Accouting Holders” Isn’t?. Chartered accountant means partners of Financial Auditors + Cost & Management accountant + Company Secretary . Now all the partners are dissolved then why one person only use that word?. CA’s are not king in the Accounting,So They can use the word “Diploma in Accounting”, and also the Institute may change as ” Indian Institute for Diploma in Accountants” or Institute of Diploma Accountant of India” .

  20. Hemant says:

    Rightly said, we CMA’s are everywhere and better placed than CA’s…

  21. CMA CHANDER says:

    Dear CMA friends, you have reached to this point because of your caliber, not by protection from such silly laws. Keep doing good work and challenge CAs in all the fields. You have nothing to loose while they have lot to prove. You can only win by being competitive. So, challenge them instead of feeling jealous. And then, “what is in a name” also holds true. The thing is, CMA ARE BETTER ACCOUNTANTS BY ALL MEANS, cannot be overemphasized otherwise, CAs have lot other jobs to do than to look for what CMAs are doing. So, who really cares, what these CAs are doing. Send them to some neutral place like Gulf or Australia, Africa or even Europe, you will find CMAs better placed than these CAs.

  22. NEHA says:

    One institute is “jealous”of other sounds really cheap.Anyways,being  professionals,we sud maintain the decorum of language used here.I think if today there is a demend to remove “chartered”from  ICAI.then there,s nthg wrong in it as the same institute created the biggest obstacle in the name change from ICWAI to ICMAI.

  23. Indian says:

    Even though the CWAs can’t be compared to CAs, the CWA’s are under no obligation to hear orders from CAs. If the CWAs feel that their rightful recognition is in jeopardy, they have right to protest democratically. ICAI is not master and ICWAI is not their assistant. both r statutory body.

  24. S.Ram says:

    If Registrar of Companies visits all the Companies (including Pvt.Ltd.Companies) to check whether they have obtained Audit report signed by the Auditors on the date of their Annual General Meeting, then 80% of Pvt.Ltd.will be penanized and as many as Chartered Accountants will be in troube, because many Chartered Accountants sign the companies Financial reports just a before the last of filing of Annual Report and other Statutory Report with Registrar of Companies. So there is no professional ethics practised by the Chartered Accountants. Secondly, “Cost and Works Accountants” is the correct name for the ICWAI and it should not be changed. Rajya Sabha members may not understand the true meaning of any issue of these professional bodies. ICWAI professionals going down the line of Works in Companies to determine the true cost of the products on the contrary CAs are only table work. So there cannot be any professional Cost Accounting without goint into the “Works” of companies. So it is the true meaning that the professional body be so maintain “Cost and Works Accountants” as it is being called as before.

  25. CMA Arif Farooqui says:

    It is tit for tat. Well done ICWAI.
    ICAI is oppsing name change of ICWAI now ICWAI support name change of ICAI

  26. ketki says:

    This shows nothing but how Cost accountants are jealous of chartered accountants.

    They cant be compared with chartered accountants as their syllabus and studies are very restricted and narrow.

  27. Unnikrihnan says:

    The bheaviour and comments extremely silly and childish not expected of a professional organisation

  28. PAL says:

    This is a very sad news that one professional body who has no control over its own members and its ethics code has been kept on the shalves for the gathering of dust and covered by the dump of money they take as rensome from the issue of theri so call ed certificates, and have sold their professional to the non indian currput companies like D……..e, P@C, E*Y are influencing power center in India to develope their untruthful, dominance for mis-accounting the books and are now want to kill the growtth of other who are fully dedicated to their professiona and works indipendtly.

    The professioanl body called ICAI should be banned first by the Govt as theyn have allowed such bisg scams and looted the country.

  29. CMA Anwar says:

    swatantra senaniyon ka apman karne wale British Colonial shabd “Chartered” ka bahishkaar har rastrawadi Deshwasi ka param kartavya hai !

  30. ash says:

    Guys grow up.

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