You may never know what results come of your action, but if you do nothing, there will be no result.
-Mahatma Gandhi
Dear Professional Colleagues,
In today’s competitive environment, every Organisation is concerned about developing the potential of its people than ever before. It is healthy business practice that helps in enhancing the performance and bottom-line results of the organization. Organizations are designing HR policies to achieve their overall objective. These polices include recruitment, training, performance appraisals, motivating employees as well as workplace communication, workplace safety. Organizations value their human capital to remain competitive and gain advantage over their competitors.
We CMAs can play an important role in formulating this strategy for the business world. The new format of form-III of Cost Audit report requires cost auditor to report his observations on manpower analysis so that the performance of the Organisation can be further improved.
For reporting on these points, proper knowledge about human resource management is required. The Institute has taken many measures to improve the quality of services of our members in this area. A guidance note on performance appraisal report has been issued for the guidance of the members. Similarly we have also included this topic in the syllabus to develop competence of future CMAs also in this area. We are required to develop our competencies in this area for the benefit of the business world and economy.
Meeting of ICAI (CMA)-ICAI- ICSI Coordination Committee
I attended the meeting of ICAI (CMA)-ICAI- ICSI Coordination Committee, which was held on 8th May 2013 at ICAI Bhawan, New Delhi. The Presidents, Vice-Presidents of all the three professional institutes attended this meeting and issues relating to thrust areas of mutual interest were discussed, particularly relating to professional ethics and quality of services provided by the members.
Annual Day Celebrations
The Institute celebrated its Annual Day on 19th May 2013 at Hotel Oberoi, New Delhi, in which Mr. K. Rahman Khan, Hon’ble Minister of Minority Affairs was the Chief Guest and Mr. M. J. Joseph, Additional Secretary, Ministry of Corporate Affairs was the Guest of Honor.
In his inaugural speech, Mr. K. Rahman said that three Institutes, namely, the Institute of Cost Accountants of India, the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India have done a commendable job in continuously upgrading its body of knowledge and responding quickly to the needs of stakeholders, particularly that of governments, companies and other stakeholders. Therefore, each one of them occupies a prominent position in the economy.
I was given the opportunity to give the welcome address in which I urged upon the members to gear up themselves for the future as economy has opened up the skills and standards are on a substantial rise and catering to this demand is a challenging task. So, from 1st of January 2013, the complete curriculum has been changed and now it is sync with the international standard.
I also informed the gathering that CMA support centres have been opened across India. The Institute has already opened about 400 centres, up from the 100 when started last year. In Kerala and Rajasthan another 500-550 centers will be opened up very shortly. The first experiment started with the state of Kerala whereby with the support of state government the Institute got into employable skill development and accordingly a modified certificate course in Accounting Technicians was launched. The students after passing 10th standard can enroll in the course. The course has been retuned into one year course with a cost of just 8,600 rupees. This has been taken as a professional social responsibility by the Institute.
CMA S.C. Mohanty, Vice President presented the vote of thanks
To commemorate this day, all the Chapters, Regional Councils and other Offices of the Institute planted saplings across the country.
To apprise all the members of the activities / initiatives undertaken by the Departments/ Directorates of the Institute, I now present a brief summary of the activities.
Technical Directorate
The Directorate is working full time to develop new cost accounting standards and guidance notes. The following are the latest development of the directorate:
- Cost Accounting Standard on Depreciation & Amortization as approved by the Council has been hosted on the website.
- Cost Accounting Standard on Interest & Financing Charges as approved by the council has been hosted on the website.
- Exposure draft of Guidance note on Cost Accounting Standard on Repairs and Maintenance as approved by CASB has been released for public comments. I request all the members to go through it and give their comments on the draft.
Directorate of Studies
To give students updated information about the developments, Directorate of Studies has started a NEWSLETTER for the students from 15th May 2013. The same has been uploaded on the website of the Institute. The directorate is making arrangements to send this to all valid students by e-mail.
CAT Directorate
I am happy to inform that the first ever campus placement for CAT qualified is being scheduled on 1st June 2013 at Delhi and in order to prepare the CAT students for this campus placement, an Orientation Programme is being organised on 31st May 2013. I am sure it is just a beginning and will be able to bring the employers and CAT qualified together.
ICWAI – MARF Programs
I am pleased to inform you that the Calendar of Management Development Programs for the year 2013-14 has been prepared and circulated to all the organizations by the department.
The department has got an opportunity to organize an International Program for IRAS officers of Ministry of Railways during 10th – 23rd June, 2013 at Delhi, London and Paris. Efforts are being made to get good response for the international program on `Advanced Financial Management (in association with ESCP Europe Business School at London and Paris) to be held during 28th July – 9th August, 2013 at Delhi, London & Paris.
The program on Cost and Contract Management for Indian Navy has been confirmed and scheduled to be held during June, 2013. An exclusive program on Contract Management for Indian Air Force has also been confirmed to be held during July, 2013.
A program on Accounting Standards and Revised Schedule VI was organized for NBCC during 14-15 May, 2013 at New Delhi.
International Affairs
I am pleased to inform you that I represented the Institute at CAPA Events (Board meeting and other committee meetings) held at Vancouver, Canada during 23-25 May 2013 along with some of my council colleagues. Toronto Overseas Center of the Institute organized a meeting at Toronto on 26th May 2013, which was attended by me and some of my council colleagues.
Hyderabad Center of Excellence
The center has organized the meeting of the Infrastructure & IT Committee and the education and training facilities committee 11th May 2013. The meeting of the tender opening committee for fire-fighting equipment was held on May 14th while the meeting of the Tender Opening committee for the False Ceiling was held on 18th May 2013 at the Hyderabad Center of Excellence.
The Instructions for Paper-I of the Business Valuation and Corporate restructuring were completed at Kolkata and Hyderabad.
As already mentioned, as part of the Annual Day celebrations, the Hyderabad Center of Excellence also celebrated the event on 19th May 2013 at HCE. Chairman and few office bearers of the Hyderabad Chapter of Cost Accountants planted Saplings at the premises of HCE.
I wish all the members and their family success, good health and enjoyable summer season.
With warm regards,
(CMA Rakesh Singh)
President, Institute of Cost Accountants of India
1st June 2013
The fight for the deserving right seems to have lost steam in case of ICWAI. Under New companies bill the significance of CS has increased many fold and the presence of Finance Minister in a recent concluded function organized by ICSI FOR proposed finance code vouch the rising and recognition of the profession by GOI. The same cannot be told for ICWAI. They fought for name change but dejected with the current name. ICWAI is like a child when cry for recognition and equal opportunity MCA hands over lolly-pop in the form of some CARR every now and then which keeps them mum and helps immensely to council members having cost audit firms that bags Govt. Audit assignments. The top notch at ICWAI is rarely concerned with the normal members either in industry or in practice. ICWAI miserably fails in 2 fronts. In getting more statutory recognition for practicing members and providing employment to qualified students. Under present president they have already decided to make peaceful and cordial existence with other sister institute (read here with ICAI). This was mentioned in a monthly communiqué from Mr. Rakesh Singh the present president. Further true to his word they have invited to inaugurate the CWA annual day ceremony recently to Cabinet Minister CA. Rehman Khan who is a known sympathizer of ICAI and a hardliner to ICWAI’s development/progress. So under present president or may be down the line the next president may not lobby with the GOVT. for equal recognition which will annoy big brother ICAI. ICSI will never join with ICWAI for this cause as they have silently maintained truce with ICAI. So in future ICWAI is left alone to fight for their rightful cause.
Both the institute should join hands & make representation before CBDT/Ministry of Finance to include related tax professionals for the purpose of tax audit under Income-Tax Act, 1961 not only in the interest of members, but also in the interest of nation as a whole to support voluntary compliance under Indian taxation laws.
Shri.S.N.Anantasubramanian Sab,
As the course curriculum of ICAI, ICWAI & ICSI is almost similar, why can’t you represent before CBDT/Ministry of Finance to seek the powers of tax audit to your members. I hope that you being the dynamic person & holding the prestigious post as President of Institute of Company Secretaries of India, will put your hard effort in the matter so that your services to the institute will be remembered by your members for ever.
In fact, Company Secretaries residing in other than capital cities does not have sufficient work to setup an independent office. If such powers to conduct tax audit under Income-Tax Act granted to members of your esteemed institute, many students will start taking course of your institute, so that many person will enter tax profession to support voluntary compliance which is in the interest of revenue of our Central Govt. I hope that you will consider my request.
Shri.Rakesh Singh Sab,
In ICWAI (Amendment) Act, 2011, Indian legislature reposed confidence & vested more powers to work in all three areas of Cost Accounting, Financial Accounting & Management Accounting. In this situation, why you are not taking this stand to claim the power of Tax Audit in Income-Tax Act before CBDT/Ministry of Finance. I hope that you being the dynamic person & holding the prestigious post as President of Institute of Cost Accountants of India, will put your hard effort in the matter so that your services to institute will be remembered by your members for ever.
In fact, Cost Accountants residing in other than capital cities does not have sufficient work to setup an independent office. If such powers to conduct tax audit under Income-Tax Act granted to members of your esteemed institute, many students will start taking course of your institute, so that many person will enter tax profession to support voluntary compliance which is in the interest of revenue of our Central Govt. I hope that your will consider my request.