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
Dear Deepak,
Agree to your comment of existing ego in Accounting profession. Our generation could not beat this feeling perhaps our next generation does it. Then perhaps a very healthy and truly competitive environment will prevail.
Hi Every body,
I simply say that one institute like ICAI should pay attention to its own growth and not to fear about the changes going to happen in the present ICWAI.In this age of globalisation one shuld fully concentrate on its own performance rather that wasting its energy by opposing others.Yes it is a true fact that as the head office of ICAI is there in Delhi thay have created that strong lobby in the ministry which they are utilising.But the day is not far away when ICWAI will be a strong contender for the getting of a special status for its contribution to the professional milestones.We have already learn from our past mistakes and creating ground works to have a par excellence.
Thank u
Hi all
When will our icwa grow up. Will name change as if numerology is involved aka bollywood stars will receate future.
Get going let us not squabble over name change. This is not a college election where icwa council guys pitch for there perks.
The difference is phenomenal. In icwa election party a bread pakora and chai is heaven sent. In ca election party we have wine, ______( you know what_.
So the lobbying muscle is well demostrated.
Grow up already icwa have more in hand than they should have. Any more will be perjury.
Psst i am both ca+ cwa so no offences.
And yes i like icwa more as wo hamesha pass kare dete they aur ca wale 1-2-3 attempt.
Cheers let us not place name change as harbinger of solo icwa smarties.
Once you’ve read one of the meeting minutes ICWAI, you’ll notice reasons for not actively involvement in Reciprocity with CIMA/CMA(CANADA)/ICMAP are due to the name. Some institutes said it was difficult for them to get the reciprocity with an institute in the name not similar to them. So for the benefit of the ICWAI and india’s future, change of name to ICMAI is critical and very important for international recognition, we need a sustainable future not the one under monopoly. For those opposing the scheme, please think about you are killing ICWAI’s members, you are killing the opportunities of future generation.
i think the name of ICWAI should be changed to ICMAI. ICAI is opposing it because it is afraid of competition.Moreover ICAI should devote its time in protecting the brand image of its profession which is degrading day by day.Many complaints about freshly qualified C.A.s have been done by various industries against ICAI. If this state of affairs of ICAI goes than there will be no scope for this professsion in business world. So instead of opposing the name change of ICWAI, ICAI should stop dummy articleship which seems out of control of ICAI as its own members are involved in it and stop frauds like Satyam.
I think ICAI is afraid from the change name of ICWAI, the think that now a days if the name changed to management accountant then the job opportunity for the Management post will at some what level pass to ICWAI (costing, finance, management accounting) etc. I think ICAI should not interfere in this matter.
To hell with ICAI & ICWAI name change controversy…Both the institute has its members who are either CEO’S & CFO’S for eg Chanda Khocher (Cost Accountant) CEO ICICI bank, B.D Sharma (Cost Accountant) chief MD ONGC.AND similarly there are many chartered accountants who are CEO’S or CFO of various organisations….its the individual capability that matter’s.
I feel that, it is only a ostrich approach of ICAI.Till now ICAI lives in British Monarchy (Chartered accountants).First up all they should come out from that.Then Critisize ICWAI………………
The ICAI should take a note of the following report published in the Sunday Times dated 14th June 2009 and understand the role played by their Sri Lankan counterparts in bringing about the ICMA, Sri Lanka.
“Institute of Certified Management Accountants of Sri Lanka (cma)
A new proefessional accounting body incorporated by an Act of Parliament
Incorporation – The Hon. Minister of Trade, Commerce, Consumer Affairs & Marketing Development tabled in Parliament on March 18 2009 the Bill for the Incorporation of the Institute of Certified Management Accountants of Sri Lanka.
The Bill approved by Parliament and the Institute of Certified Management Accountants Act No. 23 of 2009 was given assent by the Hon. Speaker on April 20 2009. This created history in the accounting world where Sri Lanka after 50 years since the incorporation of the Institute of Chartered Accountants of Sri Lanka, introduced a new Professional Management Accounting Institute.
The Institute of Certified Management Accountants of Sri Lanka was incorporated by Parliament Act No. 23 of 2009 under the Ministry of Trade Marketing Development Co-operatives & Consumer Services on the initiative of the Minister Hon. Bandula Gunawardhana.
Launch of ICMA Sri Lanka was held on June 2 at the Taj Samudra Hotel under the distinguished patronage of Hon. Ratnasiri Wickramanayake Prime Minister and Hon W. J.. M Lokubandara Speaker of Parliament.
The launch was officially conducted by Hon. Ratnasiri Wickramanayake and in his speech he mentioned the importance of the Management Accounting Professions and said Sri Lanka is now on par with the other South Asian countries India, Pakistan and Bangladesh with both Chartered and Management Accounting bodies.
He also stated technical support received from CMA Canada assisted ICMA Sri Lanka to be of international standard. The importance of management accounting, financial accounting, and strategic management accounting for employment in industry, commerce or government sector as business professionals was also stressed.
The need for Management Accountants to assist in economic development in the outstations has been made possible by the setting up of ICMA Sri Lanka which will provide the course at an affordable rate, around 1/10th of that of a foreign course and would thereby save valuable foreign exchange going out of the country due to the exorbitant fee charged by foreign bodies.
The decision to conduct the exam in Sinhala and Tamil medium upto Intermediate Level will enable many Advanced Level students to follow a Professional course in Management Accounting. This will be a big boost for the rural students and the outstation schools. He also stated that the government will give all support to ICMA Sri Lanka which has now been incorporated by an Act of Parliament and received the government recognition.
The Hon. Speaker W. J. M. Lokubandara stated that after 50 years a new professional management accounting body was being setup by an Act of Parliament. This new body will increase the skilled man power and meet the needs of changing job market especially in the present financial and economic crises. Many Advanced Level students who cannot enter University will now have opportunities to undertake a professional management accounting course which will enable them to obtain a job either in the public or private sector, without much difficulty. As the National Management Accounting body in Sri Lanka CMA could play a major role assisting in the economic development in Sri Lanka especially in rural sector.
Background – The Society of Certified Management Accountants of Sri Lanka was set up with the technical support of CMA (Canada) and Financial Sponsorship of the Canadian International Development Agency (CIDA). Approval was granted by the Ministry of Trade in the year 1999 to set up the Society of Certified Management Accountants of Sri Lanka and this was by Gazette Notification. The CMA has signed Memorandum of Understandings with all the Professional South Asian Management Accounting Bodies the Institute of Cost & Management Accountants of India, Institute of Management Accountants of Pakistan and The Institute of Management Accountants of Bangladesh.
An MOU was also signed with the Department of Accounting of the University of Sri Jayawardenapura and the Open University of Sri Lanka.
Governing Council – The Governing Council of the existing body will continue for a period of four years before elections are held. The Governing Council of 8 Members are all Senior Chartered Accountants and also some of them are members of the Chartered Institute of Management Accountants of UK . The President of the CMA is Professor Lakshman R Watawala a Past President of the Institute of Chartered Accountants of Sri Lanka, Founder President of AAT Sri Lanka, Founder signatory to the setting up of the South Asian Federation of Accountants and a Past President of SAFA, a Past President of the Organisation of Professional Associations of Sri Lanka and was also the Founder of CMA Sri Lanka and has contributed immensely for the development of the Accounting Profession in Sri Lanka.
The new Governing Council after 4 years will consist of a President, Vice President and three members elected by the membership. The Minister of Trade, Commerce, Consumer Affairs & Marketing Development will appoint three members from the following..
(a) The President of the Institute of Chartered Accountants of Sri Lanka or his nominee who is a member of the Council
(b) The Governor of the Central Bank or his nominee
(c) The Dean of the Faculty of Accounting of the University of Sri jayawardenapura or his nominee.
CMA professional
qualification – Those sitting for the CMA exam specialize in Management Accounting, Financial Accounting and Strategic Management to become Business Professionals suitable to fit any industry, commerce or service organisation. CMA’s as Strategic Management Accounting Professionals catering to the Business Sector are different from other professional bodies who equip their members to pursue careers as Auditors, Accountants or other Financial Specialists.
The exam if of 4 stages and consist of a Technician, Intermediate, Professional 1, Professional 2 and Case Study. The Case Study can be taken only after completion of Professional 2. In the examination if a student obtains the minimum pass marks in a subject then a pass is given for that subject and subject passes will be given upto Professional 2 stage.
Exams are held in March and September each year. The exams are conducted with the assistance of the Department of Examinations.
Meant for –
1 School Leavers after A/L and those awaiting entrance to universities
2hose having part qualifications of professional exams ICASL/CIMA/ACCA/AAT/Bankers/Marketing/
3 Part qualifications of HNDA/HNDC
4 Part qualifications in Degrees/Accounting/Commerce
5 Graduates, HNDA/HNDC
Those who have full/part qualifications in other professional exams and degrees are entitled to apply for exemptions.
Those in Employment – CMA program is also specially meant for those in employment in the Public or Private Sectors and want to progress in their career by obtaining a Professional Qualification. They could prepare for the exams using the study texts or follow lectures at the registered educational institutes. They also have the flexibility of training where the training could be carried out during or after the exams without disturbing their exams.
Mature entry is applicable for students who have two a year period of accounting experience in the public or private sector.
Affordable – The CMA program is affordable and the cost is less than 1/10th the cost of foreign exams. Scholarships are also provided to those who seek assistance. The registration, annual subscription, exam fees, study material are all fixed at a very reasonable prices.
Opportunity to obtain a University Degree – The CMA has signed an MOU with the Open University of Sri Lanka for students who complete the intermediate exam to register for the Bachelor In Management Sciences (BMS) degree program. This will provide a Bachelors Degree for CMA students in addition to their Professional qualification.
Membership – Those who have completed all four stages could apply for membership provided they have completed three years of recognised practical training and on approval will be termed Associates of the Institute of Certified Management Accountants and use the designation ACMA. Fellows are those who have minimum of 5 years senior experience and are eligible to use the designations FCMA.
Membership will consists of Fellows (FCMA) and Associates (ACMA) . As at 2009-04-24 the Institute had a membership of 1668 comprising of 532 Fellows and 1136 Associates.
Members of Institute will be termed Certified Management Accountants (CMA). As per the Act no other body could use the wording CMA without the express permission of CMA Sri Lanka”…….
I strongly oppose the objections of ICAI regarding name change of ICWAI to ICMAI.
The name of ICWAI to ICMAI – (Institute of Cost & Management Accounts of India) is really a good move. I suggest the syllabus also to be modified and it should stand in terms of GLOBAL-CIMA (CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS)in India, where in, till now there is no Professional body passed under indian parliamentary act like ICAI, ICWAI, ICSI.. – for the Management Subject, as we know MBA is still is treated as PG Degree only, still the Professonal body is not existing in India, anyway ICAI in india is in terms of ACCA-UK, just like that ICMAI also should stand in terms of CIMA-INTERNATIONAL in India all management subjects to be include in depth and should be advanced MBA, and eligibility is any degree and exemptions on some subjects to be given to MBA, ACS, CA members
I oppose the thoughts of icai .Allow other professional bodies to grow up.
MCA is giving too much importance to ICAI’s views. ICAI too is just another statutory body created by an Act of Parliament and has no right to interfere in the business of other institutes. MCA should have the prudence to understand that the objection of ICAI towards the name change of ICWAI is the off-shoot of their insecurity and their clear intention to curb another institution’s growth. ICAI has so far been enjoying monopoly in the accounting field by supressing the interests of its sister institutions ICWAI and ICSI, never allowing them to come up. Of late, the public image of ICAI has been adversely affected on account of Satyam fiasco. It is quite surprising that ICAI has failed to observe the existence of the word ‘Chartered’ in their own name which conflicts the projection of India as an independent republic. This needs to be changed on a priority basis to say ‘Institute of Financial Accountants of India’. ICAI may first keep their own house in order before making baseless comments on other institutes. Let wisdom dawn on MCA to discriminate between valid proposals and baseless arguments.
It may also be noted that erstwhile ‘Cost Accounting’ institutes across the world have since very long been rechristened as ‘Cost and Management Accounting’ Institutes
Best regards,
KK
shocked on the standing committee report, one is institute of cost accountants of india (Proposed by standing committee) and one is institute of chartered accountants of india. Now both the institutes will write icai…shocking really…
History never forgive any body. What ICAI has been doing for last 40 years against the developement of ICWAI(ICMAI) is known to every body and now all common people and whole world will know about all undisclosed conspracy of ICAI against ICWAI(ICMAI)
Hey people i read all of your comments above and i just read the message of ICWAI president. This is not a question of name change alone. ICWAI feels name change would bring international recognition. International recognition would not be got only by name change. Its the quality of the profession that gives recognition internationally. The ICWAI president in his message really feels that ICAI is stopping the progress of ICWAI and he really damaged ICAI like anything. Its really not a good sign of professionalism and a person who is in the president post should not do this. The same applies for ICAI also. All the professional institutes should think of one thing. With the raise of MBAs, the role of professionals are becoming more and more compliance related. All the three professional institutes must think co-operating with each other. Instead of fighting with each other, each one should think how the institute is going to make the members and future students proud by providing quality syllabus and training. If ICWAI changes its name to ICMAI, its not going to reduce the value of CAs and either CWAs also would not value just like that. Its really the knowledge, passion for the profession, which create value.
With reference to the Parliamentary Standing Committee on Finance’s Report dated 26th August 2010 on Cost & Works Accountants (Amendment) Bill 2010, it is a very sad to state that the Parliamentary Standing Committee on Finance headed by Shri Yashwant Sinha could not find any merit on the recommendation of the earlier Parliamentary Standing Committee on Finance headed by Shri B. C. Khanduri (2003) who strongly recommended that ICWAI should be renamed as ICMAI. Moreover Shri Sinha did not offer any rationale as to why he could not favorably consider the reply of both the Ministry of Corporate Affairs as well as ICWAI to the query raised as to why the ICWAI should be renamed as ICMAI but the Committee seems to biased to the “vehement opposition” of the ICAI who has been resisting the name change of ICWAI for last forty years. It is interesting to see that this time ICAI has included ICSI as management accounting specialized body besides ICAI . And finally the Parliamentary Standing Committee on Finance has recommended that the ICWAI should be renamed as “the Institute of Cost Accountants” since the term”Works” is a hurdle for the ICWAI to secure recognition internationally! The entire body of recommendation seems to be politically motivated, diabolical and stymieing to the growth and development of Cost & Management Accountancy Profession in India. The said Committee has taken into consideration the definition of management accounting given by CIMA but failed to accept ICWAI as the ICMAI inspite of fully knowing the genesis of today’s CIMA.
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.
ICAI IS DESPERATE IN KEEPING IT’S FACE ON IT’S PREVIOUS STAND.
IT IS VERY MUCH AFFRAID TO BE TRAPPED IN STATUTORY MATTERS AND ACCOUNT KEEPING JOB ONLY AND LOOSE ATTRACTIVE CONSULTANCY JOB.
ICAI IS DESPERATE IN KEEPING IT’S FACE ON IT’S PREVIOUS STAND.
IT IS VERY MUCH AFFRAID TO BE TRAPPED IN STATUTORY MATTERS AND ACCOUNT KEEPING JOB ONLY AND LOOSE ATTRACTED CONSULTANCY JOB.
I don’t find the reasons for the ICAI to oppose the name Change of ICWAI.I feel the pulse of ICAI i.e
ICWAI was established in the 1959
by the grace of legendary CAS.Now
ICAI is suffering superiority complex. but many of the CAS are in favour of the name change. Only those persons who are at the helm of affairs, are flagging hostility against ICWAI because of catching votes to sustain their position power in the institute.This are the political games.the president of our neighboring country always starts hostile politics with the objective of confirmation of his term. I request ICAI President to concentrate on their statutory jobs which may not result another Satyam, GT Bank etc.
INCOMING SCENARIO WILL TELL EVERY THING THAT WHO IS THE BEST.DONT WASTE TIME IN WRITING COMMENT LIKE ABOVE.
Thank You sir. There is some one who has supported my view.
i am a proffesor in iim there my students ask me why are both the icai and icwai intervening in the matters of management? icai job is to make the financial records and icwais work should be controling the costs accounts but both of them berge into the mba’s field. icwai should first clear its flaws before pointing out at icai. and icai should know that name change doesnt change the quality. icwai will be what they are now. so give them freedom to do their own. let the competitionbe fair among all. and ca’s and icwa’sshouldrespect their work and try to be in thier own field and notin the specialised Mbas field asthey are not meant for that.
Let all profession grow for the benefit of the society, individual, country etc.
Why ICAI should object for the term Management when it should be by MBA’s. MBA’s are not cribbing about the word Management in ICWAI.
Hope, good sense prevail on the ICAI. Let them not make an issue of a non issue.
Opinion is personal.
It is enough the name being changed as Institute of Cost & Management Accountants of India.
Already there is an Institution called Chartered Financial Analysts of India registered under Societies Registration Act.
Too many institutions using “Chartered” should be prohibited. It is unfair to fight for using the term ‘Chartered’ between the learned professional bodies.
CA Institute is the Premier Accounting body under the Act of Parliament. Other Institutions follow suit. Therefore, there is a priority and does not mean or undermine the quality of other Institutes for not using the “Chartered”
It appears ICAI posses nothing thats why it is trying desperately to poke it’s nose in development of other institute.
Infact situation is like that , we are adopting IFRS and there is no ICAI stamp in it , what else left ? Present IAS are also copy from International AS.
Please raise voice against dominating and negative attitude of ICAI and it ‘ s members.
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.
OK THEN RENAME ICAI AS ICMAI. I THINK ICAI AND ITS MEMBERS ARE DOING NOTHING BUT VOUCHING – CALL THEM IFABKI – INSTITUTE OF FINANCIAL ACCOUNTANTS AND BOOK-KEEPERS OF INDIA.
ICAI president is saying that most of the management accounting work is done by CA but the management word is not in any where in the word ‘The Institute of Chartered Accountants of India”
So in what basis they are claiming.
ICAI is only think about the money and from any source it should be come you take steps for this for example if in your institute if some one is submit the form for membership in that there is a benevolent fund for members which is not mandatory (as per your membership form) but if some one submit the form with entrance fee and membership fee exclude benevolent fund fee that form is not accepted on the ICAI counter, because the optional benevolent fund fee is not included. So why you don’t put mandatory word in that form.
Why are you harassing poor people.
In ICWAI there ia also benevolent fund but that is only optional and membership form will not be rejected because of benevolent fund fee is not there.
So ICAI only think abount his benefit, and can’t see the progress of other.
Would the President of ICAI clarify a single query as to why the following Institutes co-exist with the Nomenclature of CA/CPA and CMA respectively?
1. The Institute of Chartered Accountants of England and Wales(ICAEW) and the Chartered Institute of Management Accountants(CIMA). Moreover, ICWA, UK became ICMA, UK in 1972 and again CIMA in 1985 and ICAEW never objected to such conversion.
2. The American Institute of Certified Public Accountants and the Institute of Management Accountants, USA
3. The Institute of Chartered Accountants of Nigeria and the Chartered Institute of Cost & Management Accountants, Nigeria
4. The Institute of Chartered Accountants of Pakistan and the Institute of Cost and Management Accountants of Pakistan
5. The Institute of Chartered Accountants of Bangladesh and the Institute of Cost & Management Accountants of Bangladesh
6. The Institute of Chartered Accountants of Canada and the CMA Canada
7. The Institute of Chartered Accountants of Sri Lanka and the Institute of Certified Management Accountants of Sri Lanka. It is pertinent to mention that the CMA, Sri Lanka was incorporated by an Act of Parliament in 2009 even after fifty years of existence of the Institute of Chartered Accountants of Sri Lanka (May, 1959) and the same came into being with full support and effort of ICASL. There is no problem of those Institutes of Chartered Accountants/CPA while the “Management” tag was attached to those Costing Bodies. The arguments in connection name change of ICWAI to ICMAI given by ICAI are baseless and lack logic and thus the same should be rejected by the MCA and the Cost & Works Accountants (Amendment) Bill 2010 must be passed without any further modification or change. This is the genuine demand of the ICWAI and it has been waiting for last forty years and the future generation would not forgive the decision makers if we fail to walk along with the rest of the world .It is only India where Costing Body is devoid of the tag “Management”.
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12.
Would the President of ICAI clarify a single query as to why the following Institutes co-exist with the Nomenclature of CA/CPA and CMA respectively?
1. The Institute of Chartered Accountants of England and Wales(ICAEW) and the Chartered Institute of Management Accountants(CIMA). Moreover, ICWA, UK became ICMA, UK in 1972 and again CIMA in 1985 and ICAEW never objected to such conversion.
2. The American Institute of Certified Public Accountants and the Institute of Management Accountants, USA
3. The Institute of Chartered Accountants of Nigeria and the Chartered Institute of Cost & Management Accountants, Nigeria
4. The Institute of Chartered Accountants of Pakistan and the Institute of Cost and Management Accountants of Pakistan
5. The Institute of Chartered Accountants of Bangladesh and the Institute of Cost & Management Accountants of Bangladesh
6. The Institute of Chartered Accountants of Canada and the CMA Canada
7. The Institute of Chartered Accountants of Sri Lanka and the Institute of Certified Management Accountants of Sri Lanka. It is pertinent to mention that the CMA, Sri Lanka was incorporated by an Act of Parliament in 2009 even after fifty years of existence of the Institute of Chartered Accountants of Sri Lanka (May, 1959) and the same came into being with full support and effort of ICASL. There is no problem of those Institutes of Chartered Accountants/CPA while the “Management” tag was attached to those Costing Bodies. The arguments in connection name change of ICWAI to ICMAI given by ICAI are baseless and lack logic and thus the same should be rejected by the MCA and the Cost & Works Accountants (Amendment) Bill 2010 must be passed without any further modification or change. This is the genuine demand of the ICWAI and it has been waiting for last forty years and the future generation would not forgive the decision makers if we fail to walk along with the rest of the world .It is only India where Costing Body is devoid of the tag “Management”.
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Dear All,
It is correct, that ICAI always try to be the leader of every institute, whether they are authorized or not. It is the ICWAI, who only should decide. If the govt. also support ICAI, then the ICWAI institute should be dissolved, which was sometime formed by th govt itself only for the hake of making ICAI happy. And every CMA should get a lesson by either doing CA qualification so that a strogh punch can be given to CA members in the field of knowledge and practice. At the same time all CMA must get one CA from their own family so that the revenue and assignment can’t be bagged in any CA outside the family.
In fact I am taking attempt of CA (Final) as well as CS(Final) only for the ………………. 🙂
Don’t worry the CMA Friends
1.ICWAI name change-ICAI whole council afraid of the momentum going on.
2.GST/DTC-at least GST will simplify indirect taxation.
3. Any name change will neither make ICWAI stronger and nor ICAI weaker- Then why ICAI comes into picture?
4.As far as collapse of ICAI is concerned that is right now far out of sight
-Previous ICAI President Mr Uttam Prakash Agarwal had 1/2 meeting with Mr Salman Khurshid in his one year tenure.
-Present ICAI President Mr Amarjit Chopra had 1/2 meeting with Mr Salman Khurshid in his 8 months tenure.
PRESSURE OF ICWAI is working.
ICAI too must change its name. as word chartered word create confusion among people and it show that we are still under British rule.
Dear Sandip I agree to what you say but I find here ample of ca practising only taxation ad fillings.Moreover cna u please explain me why they are acting as intruders in others profession.If you have anns from your surroundings please ask them to drop here.Why they are opposing the name change of another profession.Why they are formulating guidelines of anothe profession.It siply reveals Sandip that ICAI is standing on the verge of some big collapse.If bnot then should not have recated and worked as intruder in some ones else profession.
Hi
I have couple of questions:-
1. If CIMA (UK) can changed the name from CWA to CIMA and ICAEW not raised question against that then why in India there is a problem for CA institute.
2. It is a government duty to decide give approval of change of name and they will decide whether it is appropriate or not. why CA people are interfering on that and they are thinking to do government duty. If Management name not create any confusion in UK, USA and Canada then there will be no problem for India also.
3 As per you they want to do all the fields. Means they can say less no’s of cost accountant are available so they wanted to do cost audit, valuation audit u/s 14 A and 14 AA. But we have almost 50000 qualified members they cannot do tax audit. But few years back also same no of chartered Accountants can manage statutory audit, tax audit.
4. Whether Chartered word is relevant for Indian constitution?
A charter is a legally binding document incorporating an organization or institution and specifying its purpose, remit or bylaws. Organizations’ such as the Institution of Civil Engineers in the UK is chartered to maintain and advance the science and practice of civil engineering in the UK, and by this charter has the right to regulate the business of civil engineering in the UK; this gives rise to a status of a chartered engineer – one who satisfies the requirements of the charter holding organization.
Hi Indranil,
I don’t think any new act or any kinda simplification will lessen the work of CAs. In-fact I don’t think DTC is simple. Don’t get fooled by political announcements. Its more complicated and have more penal provisions then Income Tax Act, 1961. Only simplification is in respect of Taxation of individuals.
I also don’t understand why people think that CAs can do only Income Tax work. I have very few CA friends who are doing taxation work, in fact most of them are working in other then taxation fields. Its the confidence of CAs and their willingness to succeed that they get success in all spheres of life.
ICAI IS ON TH VERGE OF LOOSING MANY JOBS.ONE OF ITS BIGGEST AREA OF OPEARTION IS TAXATION AND FILINGS WHICH WILL COME TO AN END AFTER DTC COMES INTO ACT.TAXATION WILL BE SIMPLIFIED AND LESS INCOME OPPORTUNITIES FOR THEM.THATS WHY ICAI HAVE EVEN ACTED AS AN INTRUDER IN ICSI PROFESSION.THEY HAVE SNATCHED THEIR WORKS ALSO.GREAT GOING BY ICAI.VERY RECENTLY THEY DID TRADING ACTIVITIES WITH INDIAN LEGAL SYSTEM.GREAT.THEY ARE NOW SUPERPOWER OF THE SOCIETY.ICAI IS VERY MUCH AT RISK AND I HOPE THEY SHOULD STOP SNATCHING OTHERS WORK AND FOCUS AND DEVELOP NEW AREAS OF OPERATION.ICAI SHOULD STOP THIS OTHERWISE IF ICWAI COMES OUT OF ITS COOL WELL BEAHVED IMAGES THEN GOD SAVE ICAI.
I really can’t understand why ICAI has problem in this name change issue of ICWAI to ICMAI unless and otherwise they have fear that they may not compete with a CMA in the global field after the change of name and shut down their monopoly business.
WHAT ICWAI IS DEMANDING (FOR ITS NAME CHANGE) IS NOT AN UNREALISTIC THING AT ALL. BECAUSE:
1. ALL OVER THE WORLD THE SIMILAR INSTITUTES HAVE EITHER CHANGED THEIR NAME OR HAVE INCORPORATED WITH THE WORDS “MANAGEMENT ACCOUNTANT”. SO IT IS THE DEMAND OF TIME TO CHANGE THE NAME OF ICWAI TO ICMAI AND GIVE INDIA THE PROUD TO HAVE MANAGEMENT ACCOUNTANTS.
2. IT IS THE ICWAI ONLY WHO HAVE THE RIGHT TO USE THE WORDS “MANAGEMENT ACCOUNTANT” WITH THEIR NAME AS THE SYLLABUS OF ICWAI SUPPORTS IT.
I REALLY DON’T KNOW WHY ICAI IS OPPOSING THE MOVE. MAY BE BECAUSE OF THE FOLLOWING REASONS:
1. ICAI IS TRADITIONALLY AGAINST THE REFORMS IN ACCOUNTING & AUDITING FIELD WHICH MAY AFFECT THEIR POWER, LIKE PCAOB FORMATION.
2. ICAI HAS NO RIGHT TO SOUGHT FOR/AGAINST ANYTHING WHICH DO NOT COME UNDER ITS PURVIEW (LIKE THIS NAME CHANGE PROPOSAL). BUT STILL IT CONTINUES TO DO THIS BECAUSE OF CHEAP PUBLICITY.
3. ICAI ALWAYS WANTS TO DOMINATE THE MARKET, THOUGH IT IS PROVED FROM SEVERAL EVENTS/SCAMS THAT IT IS NOT CAPABLE TO DO SO.
4. ICAI WANTS TO ENTER THE GOLDEN FIELD OF MANAGEMENT ACCOUNTANCY AS THEY CAN ALSO FEEL THAT THE AGE OF TRADITIONAL ACCOUNTANCY HAS PASSED.
FINALLY, IF ICAI THINKS THAT IT HAS THE POTENTIALITY TO FACE THE CHALLENGE OF CHANGING TIME, THEN IT SHOULD ACCEPT THE CHALLENGE AND NOT TO INTERFERE IN THE MATTERS OF OTHER INSTITUTE.
ACCORDING TO ME ICAI IS DOING CORRECT.SHOCKED TO READ YES THEY ARE CORRECT IN THEIR ACTIVITIES. SINCE WE ICWAI PROFESSIONALS FRATERNITY IS SLEEPING AND WE ARE ALLOWING THE INTRUDERS TO COME AND DAMAGE OUR SYSTEM.IF WE IN REAL TERMS ARE AGAINST OF THE ICAI MONOPOLISTIC MIND SET THEN WE SHOULD HAVE TAKEN STEPS TO PREACH THAT WHICH WE HAVENT.UNLESS WE STOP THE INTRUDERS FROM COMING INTO OUR HOUSE WE WILL NEVER GET WHAT WE WANT.WHERE DO YOU FIND MASS ADVERTSIMENTS AND CAMPAIGNS ABOUT ICAI DAMAGE THE SYSTEM OF ICWAI.WE WILL WRITE SILENTLY OVER THE INTERNET SYSTEM THROUGH SOCIAL NETWORKINGS BUT NO HARD CORE PROTEST.I HOPE AFTER THIS MANY WILL RAISE THE VOICE THAT DO I WANT TO SAY CALL OUT BANDHS AND ETC AND PROTEST ON THE STREET. IF YOUR BIRTH RIGHTS ARE BEING VIOLATED BY SOME ONE WHAT WILL YOU DO IN THAT CASE.ASK YOUR SELF
Let me remind ICAI, that you have no local standi to obstruct the name change of ICWAI after the Notorious Scam of SATYAM-
First try to manage your OWN MEMBERS before getting involved in issues that are not in your PERVIEW.
We are waiting for the Government to Open up the Statutory Audit Arena to Foreign Audit Firms so as to tackle this NOTORIOUS NEXUS AND PROVE YOUR COMPETENCIES IN FRONT OF THE WORLD.
I find name change is not at all a serious issue that a CA Qualified should effected after the ICWAI institute name change. If they feel that after the name of change ICWAI a CMA is one step forward in the global field then they should be ashamed of themselves.If they need to prove themselves in the global market they need to develop that capacity to compete with a CMA. I would rather suggest them to utilise their precious time to develop that capacity otherwise they are going to have a difficult time to compete with a CMA whether the name of ICWAI institute has changed or not.
Why does a qualfied CA has problem anyways with the name change of ICWAI if he/she is competent enough or is it the fear that they are not that good as they show to the world.
This attempt itself shows that they fear that.Opposing name change of ICWAI is just like I am more interested in my neighbours activity than to develop mine.
I am Proud to be a Management Accountant and feel that others also who has passed ICWAI exams.Those people who has any problem they should first know who Management Accountants are What Management Accountancy is then comment on the same.
Pls enough is enough stop getting involved in others business.
Are the moderator of this site are biased towards ICAI?
The title of the article should have been :
AFRESH ATTEMPT OF ICAI TO BEFOOL MCA TO RENAME ICWAI TO ICMAI.
ICWA qualified members are well fitted to act as financial auditors, we can safely add here hence the issue of name change should not be attempted in such as way as to deprive the legitimate rights of Cost Accountants in INDIA. It would be quite unfair and unconstitutional too if we try to legalize the issue, though ICWAI never attempted to do so on some ethical and moral grounds, one should trust it.
Please don’t forget the prevailing scenario globally as CMAs are performing as Financial Auditors too in various countries.
One can compare the syllabus, articleship/training requirements and exposure requirements of both the Institutes and you will note the value addition favouring to Cost Accountants to be equated with Chartered Accountants, even to be placed better since they are the real Management Accountants and Management Accounting covers widely Cost Accounting, Financial Accounting, Social Accounting, Economic Rationality, etc.
Hence there is no second thought that a Cost and Management Accountant must play its role at par with Chartered Accountant, name change is NOT AN ISSUE AT ALL in this reference. Kindly refrain from criticizing the name change issue for the sake of criticism only, if anybody, anyone has any particular reservation must reveal and conclude logically that Cost Accountants are not the Management Accountants when the world has accepted the same and gradually-no difference of opinion would exist.
Moreover, stakeholders have all the rights in chosing/selecting the service providers hence monopoly attitude prevailing in this field-accounting/auditing must cease to exist in INDIA at par with Global and Economic Developments taking place and therefore, Cost Accountants are definitely a better choice and more so in the wake of scams, frauds, etc. remaining undetected by the current Financial Auditors-Chartered Accountants, in view of emerging opinion now a days.
My previous view submitted was with drawn.
However I would like to state that our mother India is passing through a crutial phase. At this hour we should work with dedicated and open mind. I can see there are lots to eplore in Financial Accounting , Financial Reporting Statndards in Indian Industrial context, Indianisation of IFRS , Accounting modality of Govt aided project, organisations and lots and lots more. We are really laging behind ,—- results are medium to large scale fraud , mis utilisation public money. ICAI may please concentrate on development of Financial Accounting and professional ethics and pls abstain from weasting time in blocking development of another very important separate line of profession (required to be separate to ensure distinct thought process, good governence and control) Cost & Management Accountancy, which has also very very significant role to play for the development of our beloved Nation . CMAs have no heart filling for CAs. CAs are also requested to have open mind and broadness of thiking to keep away from blocking development of CMAs in professional field as well as in job field.
kudos to ICWAI
After going through all this discussion mentioned above and taking view point of both ICAI and ICWAI. I came to one conclusion that if i do ICWAI and not CA than people in job market will say that i am CA and you are ICWAI, while i dont understand why ICAI tries to dominant over ICWAI. and this ego carries in company by individual so also CA people are left behind in terms of growth.
My view point is if CA people feel that they are strong than ICWAI than what harm is there if ICWAI change its name from ICMAI.
it like i dont want to grow and wont allow you to grow. this attitude even conties with individual people in organization. and to be honest i am now promoted because i hided from top management that i am CA also and now i am CFO of a reputed firm in oil and gas of british company on basis of ICWAI.
kudos to ICWAI