A priority area of the new president of the Institute of Cost and Works Accountants of India (ICWAI), G N Venkataraman, is to make the institute more visible. In an interview with Sapna Dogra Singh, he said ICWAI would also lobby with the government to accept the recommendations of the expert group on widening the scope of cost audit by including more companies and sectors. Edited excerpts:
What are your priority areas for the year?
To provide more visibility to the institute and the profession of cost accounting would be my topmost priority. Another important area would be to push forward the expert committee’s recommendations on widening the area of cost audit beyond 44 industries and products. The institute would pursue these with the government.
What are the main recommendations of the expert group?
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 under the ambit of cost audit. At present, only 44 industries and specific products within an industry come under cost audit. The proposed change will have a major positive impact on the profession, because more firms will have to mandatorily appoint a cost auditor and have cost accounting records audited on an annual basis. At present, about 1,800 cost accounting professionals practise in India, against 46,000 qualified people.
Which sectors has the expert group recommended for cost audit?
Except agriculture, it has recommended that all sectors be covered.
Do you see it happening in your tenure?
It is a process and there are certain things that need to done from the institute. I would be appointing a separate committee to oversee and implement some of the recommendations which don’t need the ministry of corporate affairs’ approval. Enterprise governance is one such area where cost audit and cost records have to be redefined, but this would be done without burdening the industry with all kinds of formats. The Institute would also bring out cost accounting standards as recommended by the expert group.
How many cost accounting standards would ICWAI come out with this year?
Of 39 cost accounting standards, six are already out and another five are on anvil, awaiting Council approval. Work on the remaining 28 would follow soon and in a couple of years, all standards would be issued. And till these come, there are generally accepted cost accounting standards to fill the gap.
What about the change of the name of the Institute that your predecessors have been demanding?
Yes, we are pressing for the name of the Institute to be changed to Institute of Cost and Management Accounting and we have been told it is under process. ICWAI has objected to the amendment of Section 14A and Section 14AA of the Central Excise Act in the Finance Bill 2009. We have asked the government to equate cost accountants with chartered accountants by recognising them under the definition of ‘accountants’ under Section 288 of the Income Tax Act. We are equally qualified and competent. Since we are specialists in indirect tax, cost accountants would be playing an important role when the GST (goods & services tax) would be implemented.
Every Govt & Company emphasizes on Cost before taking any Business Decision, But both of them denying Recognition to CWAs, This shows both are afraid.
As we compare the slbus of these two cources. We can see that cwa,s are stding more parts than of a ca.
CWA ROKZ
There is no doubt that ICWA is far far better than CA..
Dear Ravi
Is this your frustration?????????
frnds icma(icwa) means specialisation of cost nd management accounting while ca’s are d one who look up financial transaction of ny firm or business.study level and standard are almost same.cars are known as general acountant with 3 years audinting exp..
while icwa are known as professional accuntant.
Hi friends, I am B.com(ca) graduate passed out in 2011 and I have been placed in INFOSYS BPO. I have decided to work in INFOSYS and study ICWAI in correspondence (post). I have a doubt whether studying ICWAI in correspondence is valuable. Please heip me.
No comparison of icwa wth CA’S.CA’S alwz rocks n wil b…. An avg student can also pass icwa, ca’s requires lots of spclisation n hard wrk. if anyone nt agreed thn take the ca course first. No doubt cwa r specialised in their own fields, bt if they also feels so why they compares. Proud to b what U r
ha cost accountant is equal with ca
CA is opposing CMA because of insecurities feeling. They are eating on the basis of their brand value ,which was created by some members initially in absence of CWA Professon.Now they are doing nothing except manipulation in books of accounts,evasion of Taxation & helping people like – Hassan Ali , Satyam etc.
Now all are knowing the strength of CA profession & Brand image created by anchester is going down.
CWA will shine & sit everywhere as a financial controler
CMA Rajiv
then why d hell u’ve became cwa..??? should hve enjoyed d bliss of a ca degree..
it is very mean of u 2 say this…these remarks really show atleast ur professionalism..
It is not right to say that CWA are far better than CA. The difference is in the attitude of qualified.they want to equate with CA. Why we don’t want to make our own identification? Why we are blaming GOI?We should make value in the corporate by improving our own performance.Corporate does not see “who is the hot cake” they only see the performance.If we prove ourselves, corporate and GOI automatically recognize us.All popular CWA prove it.Last but not least CWA is not more panic then CA.We should accept it.Paper level is much lower then ICAI.ICWAI should improve it
Yes Rohit we r future Accountants i.e known as Cost & Management Accountants
I agree with manish, nowdays CA has gone more popular, where in the days are no more too far, the day will come where ICWA will be better recognised then CA.
Time has change now ICWA are play very imp role in all fields like CA.The pboblem with ICWAI is that they do not have so much strong looby like ICAI.The name should be change immediately from ICWAI to ICMAI.And cost Audit Should be Compulsory in all manufacturing organisation.
One thing i noticed that ICAI always try to Back behind to ICWA’s and those who are CA’s they do not give so much respect to ICWA’s .The Indian govt & ICWAI should take all necessary steps towards this. A days are not far behind when Cost Accountant are more Reconized than the Chartered Accountant.
Regards
Manish Sarawgi
Cost Accountant
CWA should be equated with CA. We are not far behind
Proud to be an CWA
Manish Sarawgi
names of well known ICWAs
Chanda Kochhar – CEO of ICICI Bank
R S Sharma – Chairma and MD of ONGC
C S Verma – Chairman and MD of SAIL
T S Grewal – Author of Shukla Grewal.
Arun Ramanathan – Secretary to GOI.
Do you want more???
CAs are good at drum and chest beating – but we are cool killers – we dont have to shout in the market and sell fish. We are a Professional Institution whose products sell themselves – we dont have to tag the name of the tree from which it has come from.
Some well known CAs
– Tiger Memon – of the bombay blast case
– Gopalakrishnan – PWC, Satyam fraud –
Still want more?? Hah
Regarding the courses and the standard of questions, when I passed ICWA without making any extra .. My preparation in CA was more than enough to qualify for ICWA… Just compare the two study mats , In ICWA, questions like which year the act was enacted, which stae is exempted from the applicablity is asked, You have objective questions with four choices , fill in the Blanks .. My God , U call this professionalism … Whether in Manufacturing or in Banking , CAs dominate , Just tell me two names of any famous ICWA, I can tell u at least 10 names of CA who are famous . See the big fours , that is being headed by CAs.. I am sure your boss or your super boss will be a CA .. Then how can CAs be compared with ICWAs
And to the people who has earlier said that ICWA are the bosses .. Its good since sometimes ignorance is bliss. Do u think the corporate and the professional world is fool enough… Guys lets face the fact and be true to yourself , whenver your friend supposing is a CA introduces himself as a CA and u introduce yourself as a ICWA , dont u feel odd, shame by looking at the treatment he gets and u get ?? Still I am sure that you guys will not agree.. Anyway Fools go where God dare to enter..
I just want to say that C.As are any day better than the cost acountants. Thats why CA s are more in demand, more popular. Govt has understood this and hence has till date not equated CAs with ICWA.As per the statute, you guys can only do cost audits and excise audits .. In case if you really want to see the difference in tangible terms, just go and see the two institutes, the grades of student entering into the premises, decorum maintained at the premises.. I am not saying this bcoz i am a CA but I m both CA as well as ICWA..
Gents,
If government amend the finance act 2009 and incorporate chartered accountant eligible to do excise audit then why not cost accountant can do income tax audit also.
Regards,
K.N.Chaubey
Cost & Managament Accountant
Australia.
Govt should give dicision in favour of icwai, because costing is the first step here in after CA do their work on the accounting matters in which cost is structured by cost accountant
yes, icwai should get its right and be considered as accountant under the income tax act 1961 sec 288 up to this stage cwa are not considered as accountant in the meanings of IT act . we have equally competent course as icai institute but in taxes matter they are more preferred why indian givt not understandig our importance.
It is a fact that ICWAI is competent to and equalant to CA , but it not gaining much popularity.it may be due to the strictness that the CA institute provides with thier syllabus and other activities. The passed out professionals are treated much lower to CAs just because of the lack of experiance.ie(the articleship).
I am currently working for Manufacturing Company. Here ICWA’S play’s an very important role in indirect taxes like Central excise, Customs, Sales tax. If we ask any Questions abt all these subject to CA’S they knws only basics, they don’t have rich knwledge in all these matters.ICWA’S ARE THE DECISSION MAKERS IN MANUFACTURING COMPANY.
Proud to be an CWA
so the powers should be equally divided between icai and icwai.
Actually, when there comes the question of Auditing or other compliance, and if there is monopoly of one institute then the main aim of compliance cant be achieved, there should be independence of practice to increase competitiveness between institutes, hence the level of service will also increase and would be better.
ICWA qualified members are well fitted to act as financial auditors.
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 Accountant must play its role at par with Chartered Accountant.
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.
Since every finance professional and Govt. is well aware that ICWA is quite difficult than CA , even than icwa don’t have good scope in practice as CA have , it is sheer discrimination and govt. should equate it,
whats d diff b/w ca n icwa….. who has more scope….. y icwa is n0t popular……..
it wii be a good news for future aspirant CWA students…
Yaa Rajiv 100% thik bolla apne
It is the Correct time to pull up there Sox. I belive that ICWAI is more important to the indian govt as there is a lot of internal leakeg in every company (govt., and Pvt) Only the Cost Accountant can over come those things. Only the Cost Accountant can make the company to think where thay can improve and increase there accuracy,simply signing on balance sheet do not full fill the companys and govt., vision…(like Chartered Accounant), but should contribut company technically,financially,Managrially,and should allways be supportive in every decision making that is COST ACCOUNTANT. IN FACT Cost Accountant is Bit MORE THAN Chartered Accounant. Remember this it is not a jok The Day Will Come Soon.,
yes cost accountant must be given their own rights,as if they are seperate branch, but equalily quilified, so government have must be thought that they are the same competant and use the talant of cost accountant in corporate sector.
yes cost accountant must be given their rights,as if they are seperate but but equalily quilified, so government have must be thought that they are the same competant.
it is the time to put the icwai in position so let take practicing mode of icwai to be implemented as early as possible,and put them icwai institute as a rop
this is only difference between cost & Chartered accountant
but cost accountant not have any right for sign on balance sheets
it is a good step from icwai for cost accountants
Cost Accountant are the bosses of chatered accountat, because cost accountants have more knowledge in indirect tax as well as direct tax,so a cost accountant must be equated with a chartered accountant
Our GOVT always Favour of currupt tax system like Satyam Froud, Enron Froud etc case so they are ingnoring ICWAI. Only COST MANAGEMENT/AUDIT/RECORDS Change the ECONOMY OF INDIA
Our Country always Favour of currupt tax system like Satyam Enron etc case so they are ingnoring ICWAI.
ICWAI should work harder to enhance the scope of cost accounting in india, it should take some serious action for the same.
yes,it is very good news to cwa candidates
it’s good news for icwai member’s as well as students
ICWA has to act faster to issue Cost accounting standards.
At present only six standars are issued and 28 is pending.
It is fact that ICWA is tough than CA.But CA has popularity because of good practising scope.
Govt has to extent the practising scope for ICWA.It is important to change the name as ICMA.
We should start to put our continuous pressure to the govt for this. Can we go to the court for the same purpose?
our govt is not doing fair with the icwai
Who is Cost Accountant ? Better than CA
Very good recommendations by the new president.Cost accountants should be equated with Chartered accountants as they are equally competent.