The government is consider reviewing the structure of the apex chartered accountants body in the country, the Institute of Chartered Accountants of India (ICAI), that may result in the separation of its academic and regulatory functions.
When contacted, Corporate Affairs Minister Salman Khursheed said, “If ICAI requires a review, we will look at it… The idea that the education part is kept apart from regulation, I think it is being floated around. Other countries have implemented this successfully including the UK. I am very willing to talk on this.”
ICAI president Uttam Prakash Agarwal, however, said, “What is the purpose of two bodies? Have they (those who are talking about splitting the role) found anything lacking? We have proved over credibility across the globe… On the basis of foreign practices, they are saying so… The institute has eight government nominees.”
IT SHOULD BE SPLIT, ICAIs’ TIME IS DEVIDED IN BETWEEN MARKETING CA COURSE AND REGULATING AUDIT PROFESSION AND IT HAS NOT DONE MUCH, EXCEPT TOM-TOMMING ABOUT ITS PROFESSION AND JINGOISTICALLY EQUATING THE PROFESSION WITH IITS AND IIMs. SOME PRACTICING CAs ARE FEELING THAT THEY OWN THE PLANET AND TRAMPLING THE RIGHTS OF ARTICLED CLERKS IN THE NAME OF PROFESSION., MOST OF THE TIME THE COUNCIL IS OCCUPIED WITH TRAMPLING OTHER PROFESSIONAL BODIES LIKE ICWAI OR ICSI.
This is a good development in line with the global practices. In USA, for example there is PCAOB which regulates the profession of public accountants.An Institute cannot be an educator as well as regulator. Let ICAI concentrate on education part. And let an independent body do the regulatory job. That is good for the nation and the profession as well. This independent body can regulate all the public accountants who give assurance services under various Acts – CA/CMA/CS – who issue various certifications.
This is like fulish quote and its impact may spoil reputation of ICAI as well as members and students.
ICAI must give strong reply for such fulish sentence.
ICAI should not be splitted it will loose its position
ALL VIEWS WHO DONT WANT TO SPLIT ICAI ARE CORRECT, I ALSO STRONGLY OPPOSE FOR SPITING OF ICAI