CA Amresh Vashisht

ICAI has expressed its serious concern to rename the ICWAI body to a name identical to Institute of Chartered Accountants of India. The matter of renaming Institute of Cost & Works Accountants of India proposed to name Institute of Cost & Management Accountant of India has been resurfaced again because of sub-clause II of clause (i) of Section 3 of the Cost and Works Accountants (Amendment) Bill, 2010 (Bill No. XXVI of 2010).

ICWAI has been periodically (since 1972) renewing a highly sensitive and contentious issue of change of its name under one pretext or the other. The matter had in the past, been discussed at various levels within and outside the department/Ministry of Corporate Affairs from time to time. The last occasion in which the matter was discussed, at the instance of the then Department of Company Affairs, was in December, 2004, according to which the proposal of ICWAI for changing its existing name was to be discussed by a Sub-Committee comprising of the representatives of both ICAI and the ICWAI and to place its recommendations through the respective Councils for consideration of the then Department of Company Affairs. While that initiative of the Ministry is still pending, the matter has been revived by ICWAI afresh.

In a letter addressed to Shri Yashwant Sinha,Chairman, parliamentary Standing Committee on Finance, Lok Sabha Secretariat, (Standing Committee on Finance Branch),The president of the ICAI has expressed his serious expression over Amendment (Bill No. XXVI of 2010) on a one point agenda that Management Accounting does not belong to any particular discipline. Internationally too only Five Institution are using this term Management Accountants. Pakistan & Bangladesh are among those five Institutions. Surprisingly ICAI is maintaining a committee for Coordination with ICSI & ICWAI. In spite of these controversies many initiatives were taken by the ICAI-ICWAI-ICSI Coordination Committee. Which includes-

  • Sharing of common resources and infrastructure – libraries, website access/linkage
  • Seeking recognition of three Institutes as education institutions for the purposes of allotment of land/building/ electricity/water charges etc.
  • Exploring development of common e-facilities
  • Exploring the feasibility of and modalities for formation of Multi Disciplinary Partnership among the members of ICAI, ICWAI and ICSI
  • Reaching consensus on infrastructure and other amenities of the Appellate Authority
  • Exploring the feasibility of seeking accommodation in Government owned buildings, like CGO Complex, for housing various authorities, such as Appellate Authority, and Quality Review Board, established under the relevant Acts of the three Institutes
  • Exploring reciprocal arrangements for exemption in CPE hours to members of multiple bodies for attending programmes
(About the Author- Author was Member of ICAI- Regional Research Committee 2013-14 and ICAI- Committee For Direct Taxes 2011-12 and can be reached at email or on phone Phone: 0 1 2 1-2 6 6 1 9 4 6. Cell: 9 8 3 7 5 1 5 4 3 2 having office at 1 1 5, Chappel Street, Meerut Cantt, UP, INDIA)

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Author Bio

Qualification: CA in Practice
Company: N/A
Location: Meerut, Uttar Pradesh, India
Member Since: 17 Jun 2018 | Total Posts: 136
Author was Member of ICAI- Capacity Building Committee 2010-11 and ICAI- Committee for Direct Taxes 2011-12 and can be reached at email or on phone Phone: 0 1 2 1-2 6 6 1 9 4 6. Cell: 9 8 3 7 5 1 5 4 3 2 having office at 1 1 5, Chappel Street, Meerut Cantt, UP, INDIA) View Full Profile

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  1. Deepak khandelwal says:

    CA’s only ipcc me 50 marks ki costing padhte hai and on the other hand CWA’s to costing hi krte hai .hm b indirect & direct tax inse(CA) walo se jyada jante hai ..agar woh indirect tax audit kr skte hai to hum kyu nahi………….. I wants this answer to ICAI (ICWAI) presidents that why they dont ask about this to Ministry of Company affairs

  2. Harish says:

    Actually the name of ICAI should be changed to IFAI (Institute of Financial Accountant of India), which is more significant according to their tasks. One more thing if they feel they are the best, why they are feeling so insecure if the name of ICWAI is changed to ICMAI. ICAI is not above the MCA, once the MCA had agreed of the name change, only in the Standing Committee it was observed that ICAI had an objection on the name change. MCA can do on slowly and gradually, they can start taking back some of the audit & certification work given from ICAI. Let us believe in open competition and not just lobbying the government, otherwise someday, somebody might catch you red handed by doing a sting operation for lobbying the government on name chage matter.

  3. Abhishek says:

    Dear All

    I just want to make a simple point that in this era of globalisation, all the degrees are just a ladder to get into a good job….,i dont know a single professional (wheather CA, CWA, CS, MBA/F) is executing the responsibility of his domain…,what i mean to say that you cant catagaries the duties of a CA, CWA, CS, MBA/F under employment.

    In many MNC’s you can see that all these professionals are discharging same responsibilities.Therefore,its useless to discuss that name change can do anything magical for ICWAI,but yes,if it gives worldwide recognisition to the body than it would help its graduates to get opportunities overseas which is good for youth.

    At the same time,ICAI is principally & morally wrong in opposing the name change of ICWAI, its only shows insecurity & unprofessional attitude of the body.They may be successful in their campaign due to their strong lobby.

    I would rather suggest ICAI to apply their resources & thinking tanks mind to do something progressive & productive for nation & coming generation.

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February 2024