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
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Author Bio
@ icai basher
we must strongly object but language used by you is not even near to professionalism.
Hi CMA arif
Amarjit chopra is not alone bastard in the system , the other president which have done wrong to our profession were TN manorahan , Ved jain .
We shud plan to fuck there ass
icai basher
it is not a language which a professional should use.
participate in a professional manner.
i am agree swami.
ICAI dont consider cost accountants to be eligible even for CPT/Foundation exemption. this is clear that they don’t want that CMA enter their world. we too must do something like that. for example ICWA foundation exemption must be allowed only to CS.
i am saying this because a number of CA has dual qualification and through the foolishness of our members they entered in our management committee/ regional Chapters management committee and on various decision making seats of our institute. but most of them never has same love for ICWA what they have for CA(i am saying most of them not EVERY MEMBER).
unless until one’s livelihood is not depends on this profession, he is not going to waste his sweat for this profession. for example before year 2000 most of CA go far practice and in job sector finance profession means CA/CWA of which only CWA were available for jobs and because of this favorable market condition most of cost accountant of that time found good jobs without much efforts. our past presidents were too from these cost accountants. as their livelihood was not depended on ICWA once they got job, they did nothing for institute development and it is one of the major reason why our institute have not achieved anything in its 50 years. even it is waiting for its name change for more then 30 years. so a rule must be made that only practicing CMA can entered in management committee whether it is Central Council/ Regional Council or local Chapter’s Management committee.
The CA’s hampers the MBA (Finance) as well. In fact ICAI should restrict itself to Financial Accounting and CWA should be cost accounting. The MBA should be head teh finance being managers by qualification.If CA’s have to be the managers, then why at all should MBA course be offered in the universities.
ICAI should understand that every qualification has its purpose under the law and that they should not hamper the development and growth of other specalised courses.
As long as persons with CA qualification exist in Central and Regional councils of ICWAI , no benefit happens for ICWAI
Every body knows , that all icai members are mother fuckers including its president , so do not expect anything good from them.
i am strongly in favor that ICWAI must filed a writ in either in HC or in SC for equal right and our name must be included in accountant definition under Income tax act.
other wise as suggested by on of member why not go for hunger strike , if hunger strike can create a State i dont find why its help us in our fight for justice.
ICAI really sucks big time. But name change is definitely going to take place. N one more thing which is definitely going to happen is that CMAs will get ahead of CAs like the CMAs in US r getting ahead of CPAs.
ICAI is the most corrupt body among the three n the most insecure, jealous n selfish of them all taking ICAEW, AICPA, IMA, CIMA, ICWAI, ICSI, ICSA etc.
It is one type of jelousy of ICAI
100% agree with u Arif Sir n Ashutosh Sir
It must be The Institute of Cost & Management Accountants of India if not then the name of icai should be Institute of Financial Accountants of India not the word Chartered
An unhealthy atmosphere is criping up amongst finance professionals. We agree to the points of Sri GD sinha , Sri AK Gupta & Prof D Mukhapdhayay the with exception to some overlaping broadly areas of ICWAI & ICAI are different and needs to be different for better control and to ensure effectiveness and to combat fraud. The above advantages of better control, effectiveness etc are only possible when MCA gives due recognition to ICWAI in related field being abstained from favouring ICAI where ICWAI is also in same status of ICAI. This is the need of the hour for the interest of our Nation INDIA.If due importance is given to a particuar profession it prospers with developement of new idas new research work etc and vice versa.
This unhealthy at mosphere is prevailing on job sector also , we hope some body are aware of that, In an organisation having CA finance head, CWAs are not preferred and enen in Govt organisation where CAs & CWAs have equal status, CWAs are made demotivated , where Finance head is CA. Immediately MCA may kindly look into it and take measure to stop this practice ,for the interest of Nation. Regarding name change we once again appeal to allow the proposed change
In fact ICAI with its fresh objection is threatening the CWA Act 1959 itself (indirectly),- challenging the law passed by the parliament and validated in terms of Act.
‘Works Accountant’ under the current scenario is redundant terminology. However, if ICAI do still believe in this term than ofcourse it is reserved place for the members of ICWAI and NO FINANCIAL ACCOUNTANT (CA) should make any infringing attempt, should be forbidden from accepting any assignment and appointment which comes within the perview of “Works Accountancy”. However in practical terms CA cannot get rid of this lust by restricting himself from the manufacturing/works organisations.
Further Cost Accountant (member of ICWAI)do have ethically exclusive rights to act in all the functional and practice areas as are having any direct or indirect link with the COST, COSTING or MANAGEMENT ACCOUNTING.
In the text structure both the claimants/practitioners of Cost and Financial Accounting do carry different function field.
The object of financial accounting is to provide information mainly to outsiders such as
shareholders, investors, government authorities, financial institutions, etc. The analysis and
interpretation of financial data contained in the income statement and the balance sheet enable
persons interested in the business to make meaningful judgement about the profitability, liquidity
and solvency of the enterprise. Besides, income-tax, central excise, banks and
insurance companies rely on the data contained in the financial statements.Cost accounting,
on the other hand, deals with the ascertainment of the cost of product or service. It is a tool of
management that provides detailed records and reports on the costs and expenses
associated with the operations, mainly for internal control and decision making. Cost
accounting basically relates
to the utilisation of resources, such as material, labour, machines, etc. and provides information
like products cost, process cost, service or utility cost, inventory value, etc.so as to enable
management taking important decisions like fixing price, choosing products, preparing
quotations, releasing or withholding inventory, etc.
The objective of cost accounting is to provide information to internal managers for better
planning and control of operations and taking timely decisions. In the early stages, cost
accounting was considered as an extension of financial accounting. Cost records were
maintained separately. Cost information and data were collected from financial books, since all
monetary transactions are entered in the financial accounts only. After developing product
cost or service cost and valuation of inventory, the costing profit and loss account is prepared.
The profit and loss figures so derived by the two sets of books i.e. financial accounts and cost
accounts, would have to be reconciled, since some of the income and expenditure recorded in
financial books do not enter into product cost, while some of the expenses are included in cost
accounts on notional basis i.e. without having incurred actual expense. However, a system of
integrated account has been developed subsequently, wherein cost and financial accounts are
integrated avoiding maintining two sets of books.
Management accounting is not a specific system of accounts, but could be any form of
accounting which enables a business to be conducted more effectively and efficiently.
Management accounting in the words of Robert S. Kaplan, is a system that collects, classifies,
summaries, analyses and reports information that will assist managers in their decision making
and control activities. Unlike financial accounting, where the primary emphasis is on reporting
outsiders, management accounting focuses on internal planning and control activities. Therefore
management accounting requires the collection, analysis and interpretation not only financial
or cost data, but also other data such as sales, price, product demands and measures of
physical quantities and capacities. In the process, the system utilises all techniques of financial
and cost accounting including marginal or direct costing, standard costing, budgetary control,
etc. Management accounting therefore appears as the extension of the horizon of cost accounting
towards newer areas of management.
Further the word “CHARTERED” in itself smelling to emperialism and stigma to independent INDIA, suppressing the very fabric of our freedom movement and sacrifices we made in our attempt to acquire the freedom. Hence ICAI need to be re-named immediately e.g. as IFAI (The Institute of Financial Accountants of India).
Therefore, a fair anology and analysis would prove that the claim of ICWAI for re-naming as ICMAI is quite fair, realistic, ethical and genuine. Anybody-whosoever must not have any objection to this attempt based on fair and sound prepositions.
CMAs, CS, and CAs should be treated as equal as per Companies Act and IT act. ICAI fund should be audited by CMAs/CSs and ICWAI/ICSI should be audited by CAs. Internal Audit should be done only by CS/CMAs if external audit by CAs. Please do not allow to all by CAs which will not improve any productivity but paves way to corruption. There should be an equal employment opertuinity for all these three since all are spending lots of hours and working hard to qualify.. please… ICAI should change their cunning mind and They should come forward for healthy compition with CMAs and CSs.
Dear CA. Shwetank Kumar,
i am unable to understand why ICAI has problem if ICWAI change its name? in past too they had created obstacle.
they were demanded their name must involved in Sec 14 A & Sec 14 AA Excise Audit, ICWAI never create any problem and now their name is included. but they have problem if Tax Audit is allowed to CMA, what is this?
Actually the reason is that they were worked in a monopoly condition and relised that it would be difficult to compete in a competitive market.
u said my comment shown what type of professional cost Accountants are.
if a comment of a cost accountant can change persuasion toward whole community of cost accountant then please tell what we understand about CA community after sattam, GTB scandals ?
These three institutes CA, CS and CWA are formed as the Act passed by the parliament, as and when felt their requirement by the Govt. All of them are independent in their internal working & management and their domains are different as per their specialization. Unless & until decision or working of any Institute have impact on other institute or World as large, other institute should not object or protest, working and decision of that institute.
As far as concern with ICWAI institute and its member, both are working well and recognized in all areas like in Taxation Vat audit, Excise audit, Transfer prices, Anti dumping, Economic offence Audit. And other area of audit like Energy audit, transition audit, System audit, TRAI Audit & efficiency audit. At the time of recession world wide in all sectors, our country’s performance and productivity rate is high because of costing. And we are partners in development of different sectors like Telecom, Power, Transportation, Insurance, Banking, Infrastructure and other area also. We are supporting in controlling the cost and price since our domain is costing. No one can stop us to serve like.
As far as concern to change in the name, we will do it definitely.
Afresh attempt of ICWAI to rename its organisation to ICMAI fumes ICAI
Read more: https://www.taxguru.in/icwai/afresh-attempt-of-icwai-to-rename-its-organisation-to-icmai-fumes-icai.html#more-32245#ixzz0uhkzc0ee
Our Respect to Prof. D Mukhopadhyay.
Sir ,
we are agree with You Sir.
CMA Students
Name change is extreme internal affairs of The Institute of Cost & Works Accountants of India….Why being a third person, ICAI poke its nose in it…I am not getting understand if name of ICWAI changed to ICMAI how will it affect to ICAI and to what extent…Plz make me understand
The Ministry of Corporate Affairs (MCA) should take a note that the terms “Chartered” and “Works” contained in the Chartered Accountants Act 1949 and Cost & Works Accountants Act 1959 do not reflect spirit of true functionalities of so called Chartered Accountants and Cost Accountants respectively and thus it is the need of the hour to amend both the Chartered Accountants Act 1949 and Cost & Works Accountants Act 1959 and both the Acts should be replaced by say the Certified Financial Accountants Act and Certified Cost & Management Accountants Act or simply Certified Management Accountants Act respectively. Indian CAs may also be known as Certified Public Accountants but in that case, CMAs are also Certified Public Accountants in India and it may create certain problem. And in simplicity, Cost Accountants should be known as Certified Management Accountants and Chartered Accountants should be known as Certified Financial Accountants. India is a vast country and she should have few more Professional Institutes so that there shall be certain degree of competition among the professionals which would ultimately accrue benefit to the Nation at large. In Pakistan, another Body of Professional Accountants namely, ‘‘Institute of Certified Public Accountants of Pakistan’ has emerged on 31st May 2010 and this is in addition to the existing three Bodies of Professional Accountants and there is no hue and cry or professional disputes and in the language of ICAI, there is no “Confusion” among the people. In Negeria there are three Institutes of Professional Accountants and they are Association of National Accountants, Negeria, the Institute of Chartered Accountants of Nigeria and Chartered Institute of Cost & Management Accountants, Negeria and there is no “Confusion”. Again in our neighboring country Bangladesh, the Institute of Cost and Management Accountants of Bangladesh has cohesively been existing along with the Institute of Chartered Accountants of Bangladesh since 1977 and there is no “Confusion”. In Sri Lanka, Institute of Certified Management Accountants emerged by an Act of Parliament in 2009 even after fifty years of existence of the Institute of Chartered Accountants of Sri Lanka (Estd. in May 1959) and there is no “Confusion”. Now let us talk about UK where at least ten ‘‘Chartered” Professional Bodies are co-existing and there is no “Confusion” .It is important to mention here that the term “Chartered” is really meaningful in UK and it is the Institute of Chartered Accountants of Scotland, the oldest Professional Body of Chartered Accountants which received “Charter” in 1854. I fail to understand why in India, the Institute of Chartered Accountants (ICAI) and the Institute of Cost and Management Accountants (ICMAI) cannot maintain their peaceful co-existence when rest of the worlds can. Tomorrow, there may emerge say another body of professional accountants under the nomenclature of “Certified Public Accountants” or say “Certified Financial Accountants’’ and in that case also would ICAI would start fighting or it should develop and be prepared for facing the competition. Simply speaking, ICAI has been enjoying monopoly with the support of government of India during last 60 years and it is the high time for having retrospection for ICAI. ICWAI must be renamed as ICMAI in national interest and that too when our neighboring countries like Bangladesh, Pakistan and Sri Lanka have their Professional Bodies of Management Accountants, India must have the same otherwise it would reflect our poverty in nationalism. The term “Works” prevail nowhere today as it is misnomer and it has been erased from the name of the Institute of Cost & Works Accountants, UK in 1972 and ICAI should extend its full support in the process of rechristening ICWAI as ICMAI and ICAI should also change its name to either ICFAI(Institute of Certified Financial Accountants of India) or ICPAI (Institute of Certified Public Accountants of India).
The Ministry of Corporate Affairs (MCA) should take a note that the terms “Chartered” and “Works” contained in the Chartered Accountants Act 1949 and Cost & Works Accountants Act 1959 do not reflect spirit of true functionalities of so called Chartered Accountants and Cost Accountants respectively and thus it is the need of the hour to amend both the Chartered Accountants Act 1949 and Cost & Works Accountants Act 1959 and both the Acts should be replaced by say the Certified Financial Accountants Act and Certified Cost & Management Act or simply Certified Management Accountants Act respectively. Indian CAs may also be known as Certified Public Accountants but in that case, CMAs are also Certified Public Accountants in India and it may create certain problem. And in simplicity, Cost Accountants should be known as Certified Management Accountants and Chartered Accountants should be known as Certified Financial Accountants. India is a vast country and she should have few more Professional Institutes so that there shall be certain degree of competition among the professionals which would ultimately accrue benefit to the Nation at large. In Pakistan, another Body of Professional Accountants namely, ‘‘Institute of Certified Public Accountants of Pakistan’ has emerged on 31st May 2010 and this is in addition to the existing three Bodies of Professional Accountants and there is no hue and cry or professional disputes and in the language of ICAI, there is no “Confusion” among the people. In Negeria there are three Institutes of Professional Accountants and they are Association of National Accountants, Negeria, the Institute of Chartered Accountants of Nigeria and Chartered Institute of Cost & Management Accountants, Negeria and there is no “Confusion”. Again in our neighboring country Bangladesh, the Institute of Cost and Management Accountants of Bangladesh has cohesively been existing along with the Institute of Chartered Accountants of Bangladesh since 1977 and there is no “Confusion”. In Sri Lanka, Institute of Certified Management Accountants emerged by an Act of Parliament in 2009 even after fifty years of existence of the Institute of Chartered Accountants of Sri Lanka (Estd. in May 1959) and there is no “Confusion”. Now let us talk about UK where at least ten ‘‘Chartered” Professional Bodies are co-existing and there is no “Confusion” .It is important to mention here that the term “Chartered” is really meaningful in UK and it is the Institute of Chartered Accountants of Scotland, the oldest Professional Body of Chartered Accountants which received “Charter” in 1854. I fail to understand why in India, the Institute of Chartered Accountants (ICAI) and the Institute of Cost and Management Accountants (ICMAI) cannot maintain their peaceful co-existence when rest of the worlds can. Tomorrow, there may emerge say another body of professional accountants under the nomenclature of “Certified Public Accountants” or say “Certified Financial Accountants’’ and in that case also would ICAI would start fighting or it should develop and be prepared for facing the competition. Simply speaking, ICAI has been enjoying monopoly with the support of government of India during last 60 years and it is the high time for having retrospection for ICAI. ICWAI must be renamed as ICMAI in national interest and that too when our neighboring countries like Bangladesh, Pakistan and Sri Lanka have their Professional Bodies of Management Accountants, India must have the same otherwise it would reflect our poverty in nationalism. The term “Works” prevail nowhere today as it is misnomer and it has been erased from the name of the Institute of Cost & Works Accountants, UK in 1972 and ICAI should extend its full support in the process of rechristening ICWAI as ICMAI and ICAI should also change its name to either ICFAI(Institute of Certified Financial Accountants of India) or ICPAI (Institute of Certified Public Accountants of India).
The Institute of Management Accountants of India
ICAI created similar problem with ICFAI, however ICFAI got mandate from Court to use term Chartered in it’s name. I propose , name of ICWAI may changed to Institute of Chartered Cost & Management Accountant of India. If ICFAI can use term Chartered, icwai can also do that. It may be pertinent mention that it is gathered that ICAI has issued message to it’s member not to pursue CFA. It is totally un professional and shows negative attitude.
MANAGEMENT ACCOUNTANT
CMAs are experts in the fields of management accounting. They use latest techniques to improve profitability,better funds utilization,capacity utilization, optimum utilization of resources etc. CMAs play a vital role in the growth of any company/organization as well growth of our country. During recession when other professionals were retrenched/terminated,CMAs were in heavy demand and they were offered very attractive salary even during recession. CMAs have played a vital role in the growth of India amd revival of our economy.Apart from the management accounting,factory management, operations management,profit planning,budgeting,cost reduction,ROI,profitabiltity improvement,CMAs are expert in finanacial management,financial accounting. The members of ICWAI are holding high positions in private and public sector companies. CAs may be expert only in financial accounting. The name of ICAI should be changed to The Institute of Financail accountants of India.CAs in India are fully supported by The Govt.In case Govt. withdraw all the mandatory field from the CAs. No company/organization would like to avail services of a CA, CMA will be preferred to avail service due to better funds management,better profitability,better ROI,neat and clean financial accounting sytem,professional honesty etc. CMAs are not only at par with CAs, they are much more than a CA.
Hence The name of ICWAI must be changed to ICMAI immediatelly.
The name of ICWAI must be changed to ICMAI.
what is ICAI’s problem ? I can’t understand. why they feel insecure if ICWAI changes its name as ICMAI.
I just want to say one thing to ICAI that the talent belongs to Individuals, its not something where you belong to.(ICWAI or ICAI)
when ICWAI has the same study pattern what they(ICAI)do.even better and tough enough.
than why can’t we have a chance to grow up internationally ?
why can’t we have chance to be recognized internationally ?
when ICWAI has its own act under the parliament and if ICWAI wants to amend something, what the F… ICAI has to do with that ?
why ICAI trying to put a bone inside the egg ?
and for the instance i need to tell that we are also chartered.
chartered means what exactly ?
chartered (शासन पत्रित)
we are also awarded by Govt. law, so this word is not something that only relates to ICAI. We can also use this word before our name even ICSI can also do the same
and by the way i must say to ICAI that CWAs don’t want to compete you in the market because we are not interested in to filling a IT return in Rs. 200
so you guys don’t have to be insecure,better you back off
Dear Mr VINAY KUMAR SRIVASTAVA, COST ACCOUNTANT –
You are right in saying that QUOTE CONSTITUTION OF INDIA GIVES EQUAL RIGHTS TO ALL FOR GROWTH. WE REQUEST TO THE GOVERNMENT TO RECOGNISE COST ACCOUNTANTS UNDER THE DEFINITION OF ‘ACCOUNTANTS’ UNDER SECTION 288 OF THE INCOME TAX ACT UNQOTE, But you forgotten many things, you forgotton the constitution itself and remedy under Articles, 15 and 19(g)and you or any professional friend of yours is free to seek remedy by way of Mandamus at any HC or SC.
ICWAI may please opt to change it’s name to “Institute of Chartered Cost & Management Accountants of India” and it should be marked as Regulator of Cost and Management Accountancy practice in India. As in the coming era Cost & Management Accounatncy would have a very vital role to play where entrire trend is shifting emphasis to fair value approach rather than true value approach ( In the context of IFRS structure, new Direct Tax and Indirect Tax (GST), new thoughts on Corporate Governence). In other way further exploration and developemnet of Cost & Management Accountancy profession is bare necessity of the nation now.ICWAI may please respond to it . Name plays a very vital role hence ICWAI may please give importance to it . Showing concern on name change by ICAI is an unprofessional act.
Dear Mr. CA. Shwetank Kumar,
While I endorse your view about the comments made by Mr.Arif, but you probably generalised the comments by saying QUOTE It shows how professional you guys are? UNQUOTE
I sincerly look forward a respectful dialogue from both CA and ICWAs, while let this battle of survival for the fittest be continue……
Yes ICWAI may opt to change it’s name to “INDIAN INSTITUTE OF CHARTERED COST AND MANAGEMENT ACCOUNTANTS” , ICAI has no right to fix up domain of other institute . By showing concern on such name change ICAI has given overall Finance Profession a degraded image.
Once again ICAI has become obstacle in the name change endeavor of ICWAI. A professional body like ICAI, never, supposes to Act like Hindrance in the growth of other Educational bodies. It’s Been Black history of ICAI to suppress other Professional bodies like ICWAI, ICSI, ICFAI & many more to maintain its supremacy in India. Yes, indeed, its right of ICAI to protect its own interest but rather than protecting own interest its not allowing other bodies to develop in their own area. In case of Cost Record maintenance & Cost Audit of such records it has always expressed negative support. This unethical approach of ICAI damaging to Indian industry severely. Indian Industry is facing tough competition from China. As we know China’s biggest strength is the Lowest Cost of their products. Now, if Cost Audit is mandatory for all companies i.e. both Service & Manufacturing, in India all the companies will maintain the cost records it means they will have Substantial cost data of the product. By analyzing the cost data they will come to know their exact cost of product or service, Opportunity area to reduce the Cost & Correct pricing of the Products or services. By doing this Indian Companies & Industry will become very competitive. India is very lucky that it has separate body for Costing & management accounting; government should utilize this for making Indian industry Competitive.
By keeping all the Cards in ICAI’s hand, it’s creating monopoly & not allowing to foster healthy competition in the field of accounting. ICAI should focus on their own development recent Saytam scam its an alarm that it’s members are following unethical practice. Being barrier in the Name change effort of ICWAI it’s proven that how much ICAI afraid of Cost accountants. It shows ICAI has no confidence on their members’ intellectual skills therefore they are feeling vulnerable & following inferior way to curb competition from other Professional bodies. Indian corporate should take cue from this, should hire Costing based accountant for their own corporate benefit as they are equally knowledgeable & competitive.
icwai should move to the sc under art 32 becaus its already has the statury status as icai so cwa has right to do work in same area as the course contents r also similer.once icwai must go to sc
This is to bring to surface that ICMAI is in no way identical to ICAI. The ICWAI should opt for a name like “The Chartered Institute of Cost and Management Accountants of India or simply the Chartered Institute of Management Accountants of India”. Recently, Nigeria has formed an Institute namely, “Chartered Institute of Cost & Management Accountants, Negeria” and this has been incorporated by an Act of Parliament. This Institute is in addition to the Institute of Chartered Accountants of Nigeria as they felt necessity for constitutional codification of Cost & Management Accountancy Profession besides Chartered Accountancy for economic development of the countery. Furthermore, Institute of Certified Management Accountants of Sri Lanka came into being even after fifty years of existence of the Institute of Chartered Accountants of Sri Lanka and Sri Lankan Chartered Accountants played a leading role in the process of codification of the profession of the Management Accountants in Sri Lanka. The ICAI should take a lesson from these instances. ICAI shuld mind its own business only. The stand taken by ICAI in connection with name change of ICWAI is unprofessional, unethical and detrimental to national interest. Hope, Indian parliament would do justice to the cause of ICMAI and ignore the petition of ICAI. ICAI also disputed against ICFAI in connection with use of the term “Chartered” in the nomenclature of ICFAI and ICAI lost the battle in the court of Law of the Land. In this case too, ICWAI may think of taking legal shelter and it is the law of the land which would decide the domain of specialization of ICWAI AND ICAI. This is the second time, ICAI is blocing the name change agenda of ICWAI to ICMAI.
Regarding name change , ICWAI very much deserves it and may be allowed to change it’s name to ICMAI and may be given recognition in related fields.
ICWAI very much deserves it.It appears ICAI is concern about that because it lacs focus , broadness on professional perspective and is concerned about competition.
Where is the monopolies and restrictive trade practises department. why does ICAI insecure. Last 60 years, ICAI has been protecting its interest by downgrading ICWAI and not let it rise. Take any country there are more than two bodies of accounting. My question is that if ICAI is saying that Management accountancy is their’s , then where is the question of Financial accounting being only their domain.
If we nevigate , we will find so many incidents of fraud in audit related issues, if we invesigate the reason behind the sizable amount of NPAs, we will surely come to a conclusion , obviously for welfare of public / nation , that the statutory recognition should not be given to any particular profession , rather other institutes in similar decipline should be given such mandate to bring healthy atmosphere , minimise fraud ,ensure development by bringing competition in the fields.
Regarding name change , ICWAI very much deserves it.It appears ICAI is concern about that because it lacs focus , broadness on professional perspective and is concerned about competition.
Dear Himalendu Bose we always respect to CA Athority those are rspect to our Institute but I think they are always playing Currupt & Froud Management,Like Enron,Satyam, and strategy make against to CS ,ICWA, the passing ratio is lower than CA of both Institute. Goverment Athority are wel Qualified .MCA has no objection, then why always CA instititute obstacle to ICWAI and CS.
Regards
Jay Hind
Hi All,
What i belive if all the rights will be given to one institute then it will not be good for the country as the chances of Corruption & fraud will get increased.If ICAI doesn’t have any issue regarding Management Accountant then why these things happened.Gov should not give all the rights to one institute.as we see in the past abut the big satyam scam ,at the end of the there books doesn’t reflect the true picture to the shareholders which happens bcoz of powers given to only one institute.All three institutes are equal and there is no big brother among them.Government should delegate the authority and gives equal rights and authority to all three institue bcoz in that case the chances of fraud will be decreased.I think CWA deserves to be management accountant as they shown in Global Recession which was not shown by CA.So CWA should be ideally be the Management Accountants of the country and no institute should make any interupution in it.I hope these messages will be conveyed by someone to Government.
I truly hope this addressed in right spirit.
Respected Ashok Jha,
Please don’t use such bad language.
There are outstanding CA’s and they are supportive to all professionals. Such people appreciate and respect quality in individuals irrespective of their professional back ground.
My concern is ICAI council which believes in Monopoly and is not ready for competition.
This is unfortunate and only happens in India
ICWAI HAS ALWAYS SUPPORTED ICAI WHETHER IN THE TIME OF AUDIT SCAM OF GTB OR SATYAM OR SOME OTHER TIME. BUT ALL IN VAIN.
I THINK ICAI DOES NOT FAITH OR HAVE CONFIDANCE IN ITS MEMBERS ABILITY AND QUALITY . THIS MUST BE A REASON IN THEIR MIND THAT THIER MEMBERS HAVE ALWAYS WORKED IN MONOPOLISE CONDITIONS WHETHER THEY WOULD BE ABLE TO DO FURTHER ? IT IS A MATTER OF SHAME THAT COUNTRIES LIKE PAKISTHAN & BANGLADESH CAN GIVE NAME AS ICMAI BUT IN OUR COUNTRY, OUR GOVT. IS NOT ABLE TO GIVE ICWAI IT’S PROPER NOMENCLATURE AS ICMAI YET, MAY BE DUE TO NEGATIVE ATTITUDE OF ICAI.
ICWAI HAS ALWAYS REGARDS ICAI AS BIG BROTHER. NOW ITS TURN OF BIG BORTHER i.e.ICAI SHOULD GIVE FULL HEARTILY SUPPORT TO ICWAI TO CHANGE ITS NAME AS ICMAI AND PLAY SPORTSMANSHIP ALSO. MUKESH JAIN
My Adcice to ICAI change His name ICAI (INDAIN CORRUPTION ACOUNTANT OF INDIA)
Regards
YES CONSTITUTION OF INDIA GIVES EQUAL RIGHTS TO ALL FOR GROWTH. WE REQUEST TO THE GOVERNMENT TO RECOGNISE COST ACCOUNTANTS UNDER THE DEFINITION OF ‘ACCOUNTANTS’ UNDER SECTION 288 OF THE INCOME TAX ACT. BECAUSE OF WE ARE EQUALLY QUALIFIED AND COMPETENT. AGAIN THANKS TO HONOURABLE MINISTER OF CORPORATE AFFAIRS! THANKS PRESIDENT ICWAI AND THE CENTRAL COUNCIL OF ICWAI. ON BEHALF OF THE MANAGEMENT COMMITTEE OF LUCKNOW CHAPTER OF ICWAI. VINAY KUMAR SRIVASTAVA
COST ACCOUNTANT
YES CONSTITUTION OF INDIA GIVES EQUAL RIGHTS TO ALL FOR GROWTH. WE REQUEST TO THE GOVERNMENT TO RECOGNISE COST ACCOUNTANTS UNDER THE DEFINITION OF ‘ACCOUNTANTS’ UNDER SECTION 288 OF THE INCOME TAX ACT. BECAUSE OF WE ARE EQUALLY QUALIFIED AND COMPETENT. AGAIN THANKS TO HONOURABLE MINISTER OF CORPORATE AFFAIRS! THANKS PRESIDENT ICWAI AND THE CENTRAL COUNCIL OF ICWAI.
ON BEHALF OF THE MANAGEMENT COMMITTEE OF LUCKNOW CHAPTER OF ICWAI.
VINAY KUMAR SRIVASTAVA
COST ACCOUNTANT
Cost Accountancy is other wise named as Management Accountancy, which is a visual tools for Management of an organisation for decision making.If ICAI has no objection for term “Cost Accountancy” used in the name, rationally there should not be any reason to express concern over the name change to include Management Accountancy in it. In india there are three premire institutes formed by the Act passed by Parliament majorly in the field of Commerce & Management viz ICWAI, ICAI and ICSI, There must be clear and distinct vision and mission and areas of exploration of experties . ICWAI , from it’s inception has been in the fileld of Cost & Management Accountancy in different field and different industries and is not concerned about , ICSI setting up its vision or mission on regulatory and compliance issues on Corporate governence. ICAI is focused on Financial Accounting from it’s inception may explore on the same with out being concerned on other areas. If we do not change our out look , it would create blocage in over all development and creat an un healthy atmosphere in the profession. MCA may please look into the matter.ICWAI may be allowed to change it’s name and may be given recognition in related field.
Dear Mr. Arif,
I am really surprised with your comment. perhaps you didn’t read the above article. otherwise you could understand how supportive we are for the growth of other institute.
Second thing the way you commented upon ICAI is not allowed professionally. It shows how professional you guys are? you should express your concern along with the logic and your thought instead of straight blame.
hope you guys could understand the same.
good luck…
If ICAI wants then it could as well include Management Accounting in its name.
ICWAI will welcome the move since Management Accounting and Auditing has become a complex and important area for both the Accounting Institutes.
ICWAI members are facing serious threat in the international and national job market due to their Nomenclature; therefore changing name is a must for ICWAI.
All over the world CA’s are either known as CA’s or CPA’s therefore this is not a problem for ICAI members.
ICAI infact wants’ to maintain its monopoly in the market, therefore it wishes to kill the competition in the form of ICWAI ,ICSI, CFA etc
This is quite a contradicting stand since ICAI is looking for level playing ground in international market.
ICAI has been against establishment of Institute of Corporate Valuers by MCA in India
ICAI has been against the establishment of PCAOB like body in India.
ICAI has been against the establishment of Multiple Accounting Institutes in India.
You could see multiple Public Accounting bodies all over the world but then these have healthy competition among themselves.
Should ICWAI rename itself to CPA India or CA India if not to ICMAI?
ICAI has to give up on Hitler like approach towards its sister Institutes.
This is India and it’s a democracy giving equal rights to all for growth
ICAI having lot of difficulties ahead of changing economy, globalisation and WTO impact. In many a cases professional organisations will be
Allowed to work in India, more so direct tax is also going to change it’s shape not only next year but also in comming time due to changed economic circumstances.
Accounting standard of ICA is also going to change in view of IFRC. Unique identification, new rupee symbol having far reaching impact in comming times. Spread of service tax, market
Competition and cause of servival will stop all routes for honney in tax areas.
Reamins only analytical area and hard work to be a partner in business and that’s ICWA is doing since
Inception. However, due to early set up of institute in india and due to the fact
Protection under 44AB actually ICA has enjoyed MRTP.
Now due to sheer fear of incapability comming up with plea on one or other
Pre etxts. But they can only delay the process, as the call is from economic change
It has to come today or tomorrow.
It has been observed ICWA has shown high resilience in the past, actually
A writ by institute to either HC or SC to allow under 44AB by proving eligibility
Will not leave any oppertunity under the Act but to call for the desired change.
Any way ICAI is making themselve a laughing stock in the eyes of public
By such act.
ICAI has a history to make obstacle in growth of ICWAI. it was expected from them. i am not surprised.