Trouble seems to be brewing between the apex accounting body of chartered accountants, the Indian Chartered Accountants Institute (ICAI) and the Institute of Costs and Works accountants of India (ICWAI). The ICAI has declared an open war against the proposal of name change of ICWAI to Institute of Costs and Management Accountants of India (ICMAI).
In a meeting called by the Parliamentary Standing Committee on finance recently, the ICAI opposed the ICWAI’s move to change the name on the grounds that the name change would create confusion among the industry people and common man.
Further, ICAI has raised the issue in its August journal as well. It says: “It is pertinent to mention that the Cost and Works Accountants (Amendment) Bill, 2010, contained a proposal regarding change of its name from the ICWAI to the ICMAI. We have expressed our concerns over the proposal for change of name of ICWAI to ICMAI. We are following up on the matter”.
Indian Express
Try but you wont succed
Half of the battle is woned when our professional designation has been changed from AICWA/FICWA to ACMA/FCMA another half of the battle shall be owned when ICAI shall be changed to ICMAI. Let us prepare for the second round battle right now.
my experience says that people thinks C.A is too tough but actually nothing is tough i cleared C.A in 1st attempt but in icwa i cleared in second attempt but really says that icwa covers superb syllabus as compared to C.A.
my personal experience says that c.a is easy as compared to icwa. Recent ammendments says in future icwa will cover all things from c.a
If ICAI is so strong and their members so versatile that they are expert in every field you name it, the ICWAI and ICSI should be wound up. There is NO ground for their existence By the way Do Ministers have the powers to take any decision or its committee take decisions and Honourable Ministers rubber stamp it
cwa also experterd in audit and taxation ICAI Have fear the name change icwa to icma because its over take the ICAI
Only CA can Audit because of their expertise in Accountancy, Income Tax and Audit. CWA/CMA are expert only in Costing and at the most Management Accounting. I have taught students of CWA/CMA. The syllabus and level of Accountancy, Financial Management and Income Tax for CWA/CMA Final Exams is of too lower level compared to CA Intermediate (nowadays CA IPCC Exam)forget CA Final.
all those people who says icwai is a inferior body than icai is totally wrong it shows they hav not knowldege of the field
Dear Bala
In which world u r living…. The costin that learnt in IPCC and FINal of CA is coverd in ICWA-Inter only… Moreover our tax and other syllabus are also wider than yours… just sit once in the ICWAI inter exam, vven qualified CA feels the quality…. ICWA cant be cleared by luck as ICAI.. I can show you more than 100 example of qualified CAs that are unable to file the simple salary retrun… poor in english, no drafting skills no presentation skills and no personality develpment… Now see where you stand…
With spl reference to the comments of Anand, one can judge others only with his own perception and learnings… It becomes clear what ICAI has taught you…. to underestimate others, considering ourself the only knowledgeable persons are that what you learnt… But dear OPEN YOUR EYES and mind too.. the scope coverd under ICWAI curiculam is nowhere lesser than ICAI but the concern is that
ICAI emphasis Tax
ICWA emphasis Cost & Management Accounts
ICSI emphasis Law
Agitating against the change of name is just the FEAR of ICAI
It surprises when the corruption level is going roof top. The systematic way by which it is being successfully concealed, limited resources being rampantly mis-used for the benefit of few and cost of living becomes so unbearable day by day, Is there any tool of checks and balances to oversee all these .The present system of conferring the audit/oversee function on one institute called ICAI failed miserably to serve the very purpose of their existence. They behave like a feudal lords hands in glove with power centers. Very recently various financial irregularities published by CAG aptly led by bureaucrat Vindo Rai caught the so called nexus (brains behind the financial mis-deeds and power centers) in wrong foot. And this dis-comfort in Govt functionaries led an attempt which started with the appointment of Shunglu committee to change the functioning of vigilance and audit bodies like CVC and CAG. Committee chief VK Shunglu have suggested the audit body (CAG) should be led by Multi-members (Three) and One of them must be a Chartered Accountant. Although the committee chief is an EX-CAG chief, it cannot be denied that, how much comfort level power centers enjoy with ICAI in designing financial frauds. As long as this relationship is dismantled, Certification of Financial Audit and Accounts profession is open to more able institute called ICWAI, Country will witness more scandals and in the long run very few will amass the resources meant to a large section of society.
Dear All ,
The name of ICWAI will definately be changed to ICMAI as we are Cost and Management Accountants through out the world we are Known as Management Accountants it is because the manupulative and unathical practice of ICAI taht we are denied our true identity .
All our Members are Top class Management accountants and best Finace professionals and Indiand Charted Accountants know that they cannot Compete with us tahts why they try unethecal lobbying .
Just Three days back ICAI had written letter to MCA asking MCA to adopt their Internal Audit Standards I appeal to MCA that ICAI Members are not Internal Auditors and are not Trained to conduct Internal Audit as Internal Audit Covers Audit of Information Systems , Operational Audit , Compliance Audit , Performance Audit etc and it is not Just Voucher Audit Government of India MCA must adopt Global Standards issued by IIA (USA) Which is the only Internal Audit Standard Body there standards are Acceptable by all size and Nature of organisations throughout the World .
or MCA must Develop
r u foollllllllllllllll…………………….
why icwai wants to change its name? their valuation in exam is very low.. cwa is an ordinary course like b.com, bba…. all cwa’s r not knowledgeable persons… they r just lik a degree holders… before arguing to change name, first equip urself…
Why does the Govt. get influenced by lobbying of ICAI or any other body. This should be purely on merit basis.I would say Govt. should show ICAI its real place i.e book keeping and auditing. Even tax audit,bank audits should be opened for CWA and CS.
Secondly, ICAI should not be allowed to enter in the domain of cost accounts and CS. they should be told to concentrate in their core areas rather than doing Dalali for their clients and interfere in the ears where they have no knwoledge.
Thanks
CMAs in Nation Building – Today and Tomorrow
Chairman’s speech at the 51st
National Cost Convention at Fortune Park,
Panchwati, Howrah, on April 23rd
, 2010.
Ladies and gentlemen, let me use the 51st
National Cost Convention platform
to place a few critical questions. The answers are within you.
1. Can a resurgent India, our Incredible India, hope to be the best
economy in the world without the help of Cost and Management
Accountants?
2. Are CMAs set to be the future leaders of Indian industry and
commerce? The expert committee’s recommendations talks about
widening the area of cost audit beyond 44 industries and products. Is
this enough?
3. It is good that all manufacturing companies with a paid-up capital of
Rs 50 crore or more will be required to conduct a statutory cost audit,
which would bring about 25,000 firms within the ambit of cost audit.
The proposed changes will have major positive impacts on the
profession, because more firms will have to mandatorily appoint a cost
auditor and have cost accounting records audited on an annual basis.
But will big industries go for this just because it is the rule book says
so, or will there be a real understanding of the benefits of the
underlying principles of cost auditing?
4. If large corporations or large government billing exercises can’t work
without the help of Cost and Management Accountants, isn’t it natural
to accept them as part and parcel of Nation Building?
5. At present, over 1,800 cost accounting professionals practise in India,
against 46,000 qualified people. Probably the new developments would
change more qualified ones into independent practitioners. Isn’t this
the first door to steps beyond financial accounting?
In the face of it, they are very simple questions. But you know, the answers
aren’t as simple. Even after the world really got serious about cost
accounting, or management accounting in the late Eighties, the subject
remains in the nascent, almost academic stage in India. Yet, the new policies
of the government would be neutralized without the active participation of
this group.
Take the Goods and Services Tax regime, for example. This is a nationwide
change in indirect taxation, and we all know that cost accountants are
specialists in indirect tax. They should have very important roles in this regime for the change to take place efficiently. The government is the biggest
spender. So cost audit is essential in that area.
Good news is that the government has finally been seen as proactive. With
new cost accounting standards made applicable from April 1, and with six of
the 10 new standards made compulsory, the government has gone the right
way in trying to improve cost auditing.
The idea is yet to become big, companies are yet to make the best use of its
principles and objectives. Maybe it really needs a big setback for controls to
set in. When you are young and earning plenty, you tend to over spend, you
buy the best car to try and impress, you take the best holidays, the best
jewellery. It is only when the tap runs dry you realize that maybe you have
not saved well, or probably you should not have spend the way you did.
Hindsight, they say, is always 20-20. But cost accounting is a science that
aspires to not only give you that hindsight, in advance, but by applying the
various methodologies of cost accounting you can see through and analyse
better than 20-20.
Isn’t that a great tool for planning, and for policy-making – a tool that can
lead a person to head an institution or organization and run it successfully?
Let me affirm with confidence that the CMA has all the trappings of a global
CEO in terms of the profile. Global business is a numbers game. Look at any
aspect and there is quantification, there is measurement. There are numbers
and more numbers, everything from policy formulation to pricing, quality,
marketing, performance measurement and customer satisfaction is expressed
in numbers. To quote Jack Welch, “numbers aren’t the vision, numbers are
the product.” In this ever-expanding world of numbers management
accounting gives a solid base to the CEO aspirant.
After all, as it is often said, “If you cannot measure, you cannot manage.’
As a discipline, management accounting works at the beginning of the value
chain, supporting decision-making, planning and control. The management
accountant, therefore, has an inherent cutting edge over other educational
backgrounds by way of acquiring a sound perspective to business
understanding and strategic decision making. That is the most fundamental
pre-requisite in the profile for a CEO. In a number-ruled world, this man has
a natural advantage in the areas of analysis, interpretation and presentation.
The CEO, unlike the proverbial horse, needs 360-degree vision. He has to set
his sight on ALL elements of the product and marketing mix at any given point of time. The product may be right, the pricing may be right, the
positioning may be right, but a minute variance in logistics or currency may
severely hit the scorecard. Handling this critical, multi-pronged scenario with
continuous balancing of internal and external factors is, to my mind, a
specific USP of a management accountant.
I always feel that we cannot keep CMAs at arm’s length anymore; we cannot
any more believe that financial accounting is the cure for all our ills. In
turning around companies like Jessop, Falcon and Dunlop we have been able
to use cost accounting to the best effect, successfully instilling control in the
different processes.
And if I may say in all humility, I am also a member of both the professional
institutes of Chartered Accountants and Cost Accountants, and most recently
in dealing with the most difficult situation of handling the affairs of Falcon
Tyres – which was under pressure through the great recession period of 2008
– I preferred the principles of cost accounting over financial accounting to
derive contribution charts based on the costing principles. This we made a
complete U-Turn in the profitability of the company.
This success example of Falcon Tyres is being made available to other companies in the
Ruia Group. Therefore it is there for you to see you to see that CMAs are quite competent
to become the CEOs of global companies and are certainly nation builders, not only for
today, but for times to come.
Thank you.
icwai should file a case against icai under MRTP Act for opposition of name change.
I disagree with renaming ICWAI as ICMAI. It will, as pointed out by ICAI, create confusion. Is ICMAI going to introduce another course to award a certification in Management Accountancy? It is not so. The cost accountancy profession has advanced and has been widely recognized to provide critical information and reporting that helps top level managements in analysis and decision-making.
In line with CIMA of UK, the ICWAI should be re-named as ‘Institute of Chartered Management Accountants of India’. ICAI will, in no case, give up the ‘Chartered’ designation they inherited from British legacy. (Their powerful lobby can even get the parliament to drop the COI and adopt a Charter).
CA institute Lobbying like Corporate Lobbying by Nira Radia in 2G spectrum scam
Big MNC CA Firms are doing Lobbying for CA instute & they are Lobbying against Name change bill of ICWAI.
Mr. Khurshid said at a corporate governance event organised by industry body CII.
“In case there is any intrinsic link between corruption and lobbying, then it should be broken and stopped. And this can be done either by regulation or legislation,”
being a CWA, i fully understand where a CA makes fool of the management. And it is the only reason why a CA hires a CA only. Except for filling certain SEBI, VAT and Excise Forms, CAs have no practical experience of any worth in comparison to CWAs. CAs have been surviving only by exploiting Articles and then their juniors in corportes. What kind of consultancy these CAs have been doing in Big 5, only god knows. May god save their clientele.
the counter proposal of the parliamentary standing committee attached to finance ministry is even more confusing. they said that it should be institute of cost accountants of india. then should the acronym for a fellow member of the new name of theinstitute of cost accountants of india be FCA where CA stands for cost accountant. similarly, the acronym for the institute be ICAI, which is even more confusing. i call upon the chartered accountants not to support the proposition of the standing committee.
regards,
partha sen
Dear All,
I like to raise the Question that is it justified that ICAI Who are not Management Accountants and have no expertice what so ever in Cost and Management Accountancy state their claim on Management Accountancy just by a VEHEMENT OPPOSITION and through their political influence with in the parliament .
ICWAI is a premier Cost and Management Accountancy Professional Institute formed by the Act of Parliament and must be named as The Institute of Cost and Management Accountants of India as only then the Justice will prevail .
The previous Parliamentary Committee formed in 2003 had Strongly felt that the name of Institute should be Changed to The Institute of Cost and Management Accountants of India which is in line with International Practice as World wide the Members of Similar Institutes are Known ” Cost and Management Accountants ” or ” Management Accountants” but this Committee is biased towards baseless , Manipulative , politically inclined Vehement opposition of ICAI .
My question is will our Parliament will bowdown to unjustified Demand and Manipulative tactics of ICAI or it will give Justice to ICWAI Genuine Demad to Change the name of Institute to THE INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF INDIA .
The parliament must give Justice to Members and Students of ICWAI as since last 40 years now the Institute is making request to change its name even Pakistan and Bangaladesh had named their Institutes as The Institute of Cost and Management Accountants of Pakistan since 1966 and The Institute of Cost and Management Accountants of Bangaladesh since 1980 and in 2009 Srilanka also formed The Institute of Certified Management Accountants by Act of parliament .
ICWAI is now the only Institute left in entire Management Accounting Institutes of the World still Known as Cost and Works Accountants it is really UNJUSTICE to this Great Institute of our Country .
The parliament must Consider all facts into Consideration and should not be partisan in their Judgement and should not bow to manipulative , baseless Vehement oppostion of ICAI .
The name of Institute must be changed from The Institute of Cost and Works Accountants to The Institute of Cost and Managements Accountants of India only the Justice will Prevail .
Thanks All ,
Neeraj
ICAI has again proved that they are not interested in seeing their other sister institutes develop & become a partner in Nation Building. However despite such stiff opposition, we firmly believe that the ICWAI will come out successfully in its effort & the name change to ICMAI will soon see the light of the day. All the members of the ICWAI would pledge their full support for this great cause. Hum Honge Kamyaab.
ITS PITY TO THE UNION GOVERNMENT OF INDIA. IT HAS SUCCUMBED TO THE MALPRACTICES OF ICAI. WE CANNOT KEEP FAITH IN OUR SO CALLED DEMOCRACY AND PARLIAMENTARY SYSTEM.
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 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.
It appears ICAI has reached stages of self contentment.
How long ICAI will do monopoly
practice in Accounts & I.T Audit field ? Why they are afraid of to change the name from ICWAI to ICMAI.It is our problem. They should not take botheration regarding this issue. Any how we have to achive our goal.
I agreed with the view of Mr Chaudhary
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.
Sir,
May please Refer to objection raised by ICAI to long waited name change of ICWAI to ICMAI.
I feel narrowness on the part of ICAI to interfere in the affairs of ICWAI.
Recently, Excise audit which was under sole domain of Cost Accoutants was claimed by ICAI saying their syllabus is covering excise….Fine. If it comes syllabus—-is there any institute having better syllabus and coverage than ICWAI ? A committee of experts may be formed and all areas kept for CAs may be opened for ICWAI also if syllabus found with coverage–Secondly my suggestion is to rename ICWAI as Institute of Chatered Management Accountants of India instead of proposed ICMAI.
Thnk you,
satyesh chaudhary
MCOM(CU), AICWA, ACS
ICAI COMMENTING ON ICWAI STANDARDS IS LIKE POT CALLING KETTLE BLACK – ICAI IS ONE OF THE MOST POMPOUS INSTITUTES IN THE WORLD – ITS WORK IS A MOLE HILL AND IT IS MAKING A MOUNTAIN OUT OF IT. ICAI IS AN OLD HAG AND I THINK IT SHOULD BE REVAMPED THROUGHLY.
EVERY ONE KNOWS THE STANDARDS OF ICAI, WE HAVE ALL SEEN THOSE “STANDARDS” IN SATYAM, GTB, KETAN PAREKH, HARSHAN MEHTA AND OTHER NUMEROUS CASES OF TAX EVASIONS DESPITE OF TAX AUDITED STATEMENTS. DONT TALK ABOUT STANDARDS OF ICAI., IT IS LIKE DEVIL RECITING HYMNS.
ICWAI deserves it’s name change to ICMAI. ICAI shud hav indeed refrained itself from the name change matter.
But at the same time the question raised by some CWAs in this discussion that the word ‘Chartered’ shud be removed from ICAI is totally baseless. The meaning of ‘Charter’ is ‘the grant of authority or rights by a statute’. The word ‘charter’ does not always refer to ‘royal charter’ and the word ‘statute’ may not necessarily mean Queens or Kings. Statute also includes ‘Government’ in case of a republic country. ICAI is formed by an Act of Parliament and other Acts passed in our country like The Companies Act, 1956 & Income Tax Act,1961 (etc)gives the right to ‘Chartered Accountants’ (within the meaning of Chartered Accountants Act,1949) to attest financial statements and conduct audit. Since CAs have statutory right to perform audit and attestation function there nothing wrong in the inclusion of the word ‘Chartered’ in their name. Remember in republic countries like Australia, Canada, Ireland, Newzealand, South Africa et al there are Chartered Accountants.
National debate is required on this issue.
We want to be called as ICMAI. It is our basic right
I think time has come where we need to ask for our right and our dues.We all know how much hard work we need to put to get CWA degree but still when it comes to reognization we always left behind despite having all the skill set.So we should be united and ask MCA to change our name from CWA to CMA immediatley and confirm them that we are not going to accept any other name than CMA.
In both developed economies and under-developed economies the counterparts of ICWAI are known as Management Accountants or Cost & Management Accountants. Similarly in Developed economies which are republics i.e. countries not having reigning monarchs/ royals as heads of state, ICAI counterparts are known as Certified Public Accountants or Public Accountants not Chartered Accountants. The reason is Charter can only be provided by a Royal Decree/Act not by Republics. My wild guess is, India is a Republic and is not ruled by any Maharaja or Maharani, hence its is time that ICAI must be renamed as ICPAI .If they resist such renaming, then Republic of India should initiate enquires to find out if ICAI has any plans for overthrowing the Republic and establishing British Raj again in MOTHER INDIA. And if ICAI is renamed as ICPAI then the confusion regarding renaming ICWAI as ICMAI would be cleared since CPA are appointed by shareholders to audit financial entries of companies/institutions and work as Public Accountants. Whereas CMA(s) are appointed by Board/Management to assist in Developing and Analysing Cost-related data (of which CPA would have no expertise) for efficient Management Decision Making, hence the title Management Accountant. I would request all members of ICWAI to rise to occasion and fight for getting the name of the institute changed to its Rightful one i.e. Institute of Cost and Management Accountants of India (ICMAI).
To Admin/all concerned
Please bring link of this page to the notice of leading news papers to initiate a national debate on this issue.
A profrssional body regulating financial accounting in our country still carrying over a name signifying the then British ruling in India, cherishing royal british culture and neglecting vary cared fabric of our nation , ignoring public sentiment, it cannot be a partner for development of our country.
ICAI may be perhaps (falsely) thinking that they are the sole legitimate institution authorised to “Charter” accountants (of every veriation) in this country (finacial,management,valuation,works- or any other types of complex and myriad specialised versions of accounting , audit, and advisory functions).
The term and scope of their so called “charter” being very much undefined -in either their own mother act ( an pre-republic act of 1949) -or in the companies act of /1948/1956 ( revised in1956 -before ICWAI act was later brought into statute books – by free India’s Parliament in 1959- and ICSI act was similarly passed in 1982). They are still pretending as the only staTutory accounting body in this country-totally overlooking that later (in 1959 and 1982) much more specialised institutions of ICWAI and ICSI have been created by the free Indian Parliament to develop and advance more complex and specialised domains of management accountancy and corporate secretarial tecniques and finances. That is why ICAI is so fearful about use of the word “management accountant” in ICMAIs -name which was already ( (in 2004)duly and validly recommended ( perfectly in line with Global practices)- after much sincere considerations and thoughts- by the same Parliamentary standing committee on Finance.
Actual passage of ICWAIs name change bill has been unwarrantedly much delayed till date(2010) – due to continued negative lobbyings of ICAI.
While changing the name of ICWAI toICMAI -the name of ICAI should also be immediately changed to IFAI ( Institute of Financial Accountants of India)thus totally removing this misleading usage of the word “chartered” of prerepublic days -falsely signifying Royal Charter of the British Queen-much akin to “Queens Baton” of Commonwealth games.
ICAI may be perhaps (falsely) thinking that they are the sole legitimate institution authorised to “Charter” accountants (of every veriation) in this country (finacial,management,valuation,works- or any other types of complex and myriad specialised versions of accounting , audit, and advisory functions).
The term and scope of their so called “charter” being very much undefined -in either their own mother act ( an pre-republic act of 1949) -or in the companies act of /1948/1956 ( revised in1956 -before ICWAI act was later- brought into statute books – by free India’s Parliament in 1959). They are still pretending as the only stautory accounting body in this country-totally overlooking that later (in 1959 and 1982) much more specialised institutions of ICWAI and ICAI have been enacted by the free Indian Parliament in complex and specialised domains of management accountancies and corporate secretarial tecniques and practices. That is why ICAI is so fearful about use of the word “management accountant” in ICMAI -name which was already (previously in 2004) recommended (in line with Global practices)- after sincere consideration and thoughts- by the same Parliament standing committee on Finance.Actual passage of ICWAIs name change bill has been unwarrantedly much delayed till date(2010) – due to continued negative lobbyings of ICAI.
While changing the name of ICWAI toICMAI -the name of ICAI should also be immediately changed to IFAI ( Institute of Financial Accountants of India)thus totally removing this misleading usage of the word “chartered” of prerepublic days -falsely signifying Royal Charter of the British Queen-much akin to “Queens Baton” of Commonwealth games.
Actually ICWAIs name change commitees past chairman -had a few years back -written a letter to MCA -on similar lines- which had apperantly created a lot of commotion amongst ICAI members. The issue apperantly has not been adequately followed up -and may need revival urgently.
Tomorrow is 15th August our independence day , we all remember the sacrifices made by freedom fighters and condem the activities of the then British Emperiism .We have rejected and removed as far as possible all signs / names left out by British in India. Name of roads , monuments , buildings etc as given by the then British have been changed / indianised . This is for maintaining our feeling to be more of Indian. For our love and emotion for our mother “INDIA”. This is unfortunate that ICAI is still continuing with term “Chartered” with it’s name which was borrowed from the then British emperilism forgetting all sacrifice made by freedom fighters. So we would request MCA , GOI the rename ICAI to IFAI to pay our respect to the sacrifices made by freedom fighters.
Why not tell ICAI that the prerepublic (1949) usage of the (British) word “chartered” in their name is also creating a lot of confusion -amongst public at large- who think ICAI is the only legitimate body chartering accountants and ICWAI is merely a body of non chartered (unauhorised) accountants -who should better be avoided -just like food articles not having “AGMARKS”- or goods/artcles not bearing “ISI” marks.
Urgently ICAI must be rechristened as IFAI replacing “chartered accountants” with “financial accountants ” -if they are so intolerant about our very legitimate name change bill ( perfectly in line with global practices) -and are so concerned about feared public perceptions- about ICMAI -our new name. Alternatively they should be termed “chartered financial accountants ” and the term “chartered” (if retained anyhow) should uniformly precede ICWAI(ICMAI) and ICSI members names uniformly as “chartered cost and managent accountants” and “chartered company secretaries ” alike – This is essential to have a level playing field for all the three statutory institutes.
CMAs and welwishers of CMA prfessions ,Pls circulate links of this page to all your professional friends & collegues so that every one know the negative contentions of ICAI on ICWAI (ICMAI).
including following pages
https://www.taxguru.in/icwai/afresh-attempt-of-icwai-to-rename-its-organisation-to-icmai-fumes-icai.html/comment-page-1#comment-80227
The name of ICWAI should be ICMAI or CIMA because they deserve the position of management accountant by their past experience in the field of cost & management accountancy
The name change should be allowed on simple grounds that it will benefit the CWA Institute and that it will enhance competition. Protective and Monopolistic policies should have no place in “New India”
we fail to understand why ICAI is against the name change of ICWAI. If there is not an element of fear of loss of business why should they fear.Do thet have any other reasons other than fimsy reasons such as public confusion etc, their president should come out .
If you are with CWA, dont waste time on CA. A career is like a horse. Its always good to ride only one horse at a time! The point is why should you be desirous of CA? If you want to be a ‘CA in practice’ only then join CA and dont join any other course. If your aim is not to be a ‘CA in practice’, then CWA is much better compared to CA! Infact in the Draft Companies Bill (the new one that is to replace the current Act), there is a provision that every company needs to keep a Chief Accounts Officer – and the qualification prescribed is CWA ‘or’ CA. Infact, companies in general treat the CA / CWA as equivalent qualification. Its only the consultancy organisations where there is lots of internal audit or taxation that prefer CAs – but others – and a whole bunch of them including banking / finance / telecom / manufacturing / auto / pharma / etc would prefer a CWA. The chairperson of ICICI Ms. Chanda Kochar is a CWA and not a CA. And also there is a good lobby of CWA in the industry. So remove any apprehension regarding CWA. Its a good course and I would say the way the course is structured, its a better course than CA for those who want to go for employment in industry.
Sir Rahman Khan Raya Sabha chairman & FCA is the only man between ICWAI & ICMAI.
If parliamentary standing committee on finance endore the name change ICWAI to ICMAI & the name change goes through -then present ICAI President will be the worst of all preceeding ICAI presidents.
Cost & Management Accountancy is a fundamental subject, all concepts of accountancy emmarges from it . It is far more from simple debit or credit and to follow compliance & regulatory aspects(which are being looked after by Law graduates at final stages) , rather strong & rational regulatory setup can be designed based on decisions taken applying Cost & Management Accounting techniques.Constant research work at micro & macro level is required in this subject for the development of our nation. GOI that is MCA is requested to give proper recognition to ICWAI (ICMAI)for development of Cost & Management Accountancy Profession for the interest of our nation. We do not have any conflict with ICAI, rather we need to work together for better harmoni in overall development of Accountancy profession.Regarding name change ICAI may withdraw their stand immediately so that we can keep a good image of Accountancy Profession before other professional communities.
How weak ICAI-simply afraid of the name change.
Its’ quite unfair, unethical and unreasonable to put any hinderence or blockage to the healthy professional development and denial of the constitutional right of equality. Its’ another kind of apartheid, a foul play by ICAI-perhaps ICWAI needs to play a BATTLE OF AZADI in today’s context to get rid of such malafied clinches, unfair lobbying/bullying tactics by ICAI.