Yesterday I received a mail regarding silent protest being arranged by Kolkata region of ICWAI. They have planned a press conference and a candle light march. By find the whole think a part of gimmick being placed on the whole context of our loosing out . Before I comment and share my words I have some interesting thoughts to provide where I want my friends to spare some time.

We have lobbying the Ministry of Corporate affairs and Standing Committee and other governing bodies for providing our rights in the companies bills. Then after so many resources being wasted where is the results .Does this revels the voice that the entire lobby failed and we need to strengthen our lobby.

Before the bill was sent to cabinet many trumpets of promise were played. Where those promises went off. Does this means that all the promise were fake and we ended up with nothing in hand.

I remember that from 2008 ICWAI was lobbying the government bodies .Hence this failure revels all the strategy of lobby were utter failure. We need to come up with more. Majority of the family members of the profession have stayed aloof and thrusted the responsibility on the elected council members.

Now I would like to give an example overhear that for the Independency of India was the responsibility was only given to Mahatma Gandhi. All citizens of India fought together from different angles to get freedom. They did not criticize neither went of internal fight among their own people. We ICWAI members need to come up with the same set of solutions and strategy.

Now I come up with the first line of my article where I said that the press conference and Silent protects turn out to be an gimmick for me since can any one explain me that earlier also we did the same set of things but today we have the results. Tell me two things how many time sand how long this press conference fooling will go on. Further mere walking silent protest in Kolkata will do the work. As we ICWAI arrange conference where all the members come under one roof we need to make this protest burn in every state every corner then only the compounding voices of our protest will enter the ears of the governing bodies.

Every one Knows that initially ICWAI fellows will burn up and slows we will go to sleep. We need to change the trend.

One more question for thought is that will this press conference will not turn out to be an political footage since if it was not an footage in the past then we should not have been crying in crisis.

We need new strategy to get in to game of getting our rights. Old strategies are known failures hence no use of trying them. I find this conference will fetch nothing and all plans disclosed in advance will reap no gains and fetch losses of disclosing our strategies. We need SILENT STRATEGY to fight for our rights. Not to disclose them since we have repeated this mistake earlier too. I find the conference as an footage and not an real strategy to win an battle.


Indraneel Sen Gupta,
Economic Research Analyst

More Under CA, CS, CMA

Posted Under

Category : CA, CS, CMA (3524)
Type : News (12701)
Tags : CMA (327)

0 responses to “ICWAI Needs New Strategy – Name of Change of ICWAI to ICAI”

  1. roshan says:

    it doesn’t matter our institute has changed the name or not,it’s just our duty to take it over any other institutes, all of us should do this whether it’s icwai/icsi/icai. M happy as well bcoz all these professional courseshave got d same type of name. but it’s confuing too between icai $ icai

  2. Harish says:

    Dear Amit,

    I had a burst of laughter when you say CAs are superior.   “Superior” and “Recognition” are two different words.  No qualification can make a person superior than others.  I got a chance to do Audit of a listed company whose DGM (Finance) had a B.Com degree.  There were a huge number of CAs & CWAs  working under him.  Should all CAs feel inferiority complex ?   I don’t think so.   It is true that ICAI has a huge recognition than other institutes.  If you really wish to be competitive then let the tax  audit limit be enhanced from Rs. 60 lacs to Rs. 100 crores.    But I really praise that ICAI is much more innovative the ICWAI.   They are quite visible.  My taijee who is 74 & lives in a village, she knows what CA is all about.  In our case there is no such visibility at all.  I accept it.

  3. Harish says:

    Dear Amit

    Your CA institute is enjoying the bread & butter only & only because they are lobbying the government officials very hard.   Why ICAI fears from the competition with ICWAI.  CIMA (London) was also named as Institute of Cost & Works Accountants initially.  Later on its name changed to CIMA.  Even institutes in Pakistan, Sri Lanka & many more countries have changed their name to ICMA… & they also have the same CA body in their respective countries which never objected to this move.  So many friends & others CAs in my cirlce have expressed their desire to change the name of ICWAI to ICMAI.  This is clearly a political matter.  Standing committee in 2008 headed by BJP member had given his assent in changing the name to ICMAI.   You see I am only saying a fair amount of competition with all three institutes.  2 or 3 three papers here & there can not change the viability of the institutes.  Let us believe in open competition.  IF CAs feel that they are superior then why they fear from competition from other institutes.  Monopoly should & will come to an end, I firmly believe on this.  Anything like GTB/Satyam etc. if happens again, you will yourself see the change in your Institute.  But please never interfere in other’s matters.    You may be doing very well, it does not mean that all CAs are doing very well.  A true amount of knowledge, professionalism, innovation, result-oriented approach & positive attitude is required to earn name & fame for yourself.

  4. AMIT says:

    Dear Harish

    Only by changing name of Institute of Chartered Accountants of India to IFAI nothing is going to change. Secondly Brief History about Institute of Chartered Accountants of India: The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to acquire a restricted certificate from the local government upon such conditions as may be prescribed. The holder of a restricted certificate was allowed to practice only within the province of issue and in the language specified in the restricted certificate. In 1918 a course called Government Diploma in Accountancy was launched in Bombay (now known as Mumbai). On passing this diploma and completion of three years of articled training under an approved accountant, a person was held eligible for grant of an unrestricted certificate. This certificate entitled the holder to practice as an auditor throughout India. Later on the issue of restricted certificates was discontinued in the year 1920. In the year 1930 it was decided that the Government of India should maintain a register called the Register of Accountants. Any person whose name was entered in such register was called a Registered Accountant.[13] Later on a board called the Indian Accountancy Board was established to advise the Governor General of India on accountancy and the qualifications for auditors. However it was felt that the accountancy profession was largely unregulated, and this caused lots of confusion as regards the qualifications of auditors. Hence in the year 1948, just after independence in 1947, an expert committee was created to look into the matter.[14] This expert committee recommended that a separate autonomous association of accountants should be formed to regulate the profession. The Government of India accepted the recommendation and passed the Chartered Accountants Act in 1949 even before India became a republic. Under section 3 of the said Act, ICAI is established as a body corporate with perpetual succession and a common seal. Unlike most other commonwealth countries, the word chartered does not refer to a royal charter, since India is a republic. At the time of passing the Chartered Accountants Act, various titles used for similar professionals in other countries were considered, such as Certified Public Accountant.[15] However, many accountants had already acquired membership of the Institute of Chartered Accountants in England and Wales and other Chartered Societies of Great Britain and were practising as Chartered Accountants. This had created some sort of brand value. This designation inherited a public impression that Chartered Accountants had better qualifications than Registered Accountants.[16] Hence the accountants were very stern in their stand that, the Indian accountancy professionals should be designated only as Chartered Accountants. After much debate in the Indian Constituent Assembly, the controversial term, chartered was accepted. When the Chartered Accountants Act, 1949 came into force on 1 July 1949, the term Chartered Accountant superseded the title of Registered Accountant. This day is celebrated as Chartered Accountants day every year.[17] Role of My Institute: The Institute of Chartered Accountants of India was established under the Chartered Accountants Act, 1949 passed by the Parliament of India with the objective of regulating accountancy profession in India. ICAI is the second largest professional accounting body in the world in terms of membership second only to AICPA(http://worldranking.blogspot.com/2009/08/top-professional-accountancy-bodies.html).

  5. AMIT says:

    Dear Devrarajan

    What u r going to do with my membership number?

    What I have stated is fact. We need to accept it. Except Costing and Management Accounting in other feilds Chartered Accountants are superior.

  6. Harish says:

    Let  CWA & CS institutes come together & make a strong presentation before the Govt. to drop “Chartered” word  from ICAI.  CMA & CS are providing great service to the industry & the nation.  CAs are mostly doing filing of ITR/Tax Audit & other financial accounting matters.  I think ICAI name should be changed to IFAI because it is the real name for them, Institute of Financial Accountants of India.  One more thing CWA & CS institutes have maintained great professional ethics.  They don’t interfere in other’s matters.  Even I have seen a practicing CA pulling the legs of another practicing CA.  Great.

  7. Devarajan says:

    Amit, if you are a Cost Accountant, then I would like you to let us know your membership number. I can tell my membership number provided you at least tell me that you are a member of ICWAI.

    If you are not. I suggest that you first take the ICWA exams and pass it. We will then take this discussion from there.

  8. AMIT says:

    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.

  9. Harish says:

    I think a new body should be constituted for Tax Audit & certification work, ICAI name should be changed to IFAI.  Then we can see the real competition between IFAI and ICAI.  It is only & only because of work given by the department / ministry, otherwise in my opinion all three courses IFA/ICAI/ICSI are moreover same.  One should not argue that ICWAI to be merged with any other institute.

  10. AMIT says:

    In today’s context, cost audit report is not required in an economy where you are removing government subsidies. Is it correct to share confidential competitive information with everyone.Hence in my opinion in today’s open market economy seperate existence of ICWAI IS NOT REQUIRED. It should be merged with ICAI. ICAI should regulate Costing Profession too. And its memebers only after passing Accountancy Paper, Audit Paper and Income Tax Paper of CA Final Exam be given Fellow membership to CWA’s of merged ICAI.

  11. Sayi says:

    Both institutes have its own identity and value.Still wondering why ICAI is strongly opposing the ICWAI name change which is in line with the global practice.It is too bad for the profession and it is happening in India where the world is focussing now !!!

  12. Rajni Kant Pandey says:

    Now both the institutes will be known in short as “ICAI” which will confuse unless expanded.

  13. Rajni Kant Pandey says:

    It’s a bad news. Like me there are many who represent both institutes and have equal love for both as we do have for our parents. But adding fuel to fire some people are arguing that CAs should remove the word “Chartered” and write only “Accountants” or financial accountants which means unless sense prevails this fight may continue and may take an ugly turn which will benefit foreigners more than both the institutes.
    We are going with a phase where the whole world is watching India and looking upon as a hope as well as a market. Both institutes have their own recognition and ought to do a lot together in the days to come to stay ahead rather than fighting for the name.

  14. subin says:

    U r Absolutely right chandra…

  15. V Chandra says:

    ICWAI is fighting for name change since 1977 or earlier. The world over the Names are changed from ‘The Institute of Cost & Works Accountants’ to ‘The Institute of Cost & Management Accountants’ and then to ‘The Institute of Certified Management Accountants’. Even Bangladesh born in 1974 has ‘The Institute of Cost & Management Accountants’.

    The problem is that ICWAI has to convince MPs in Parliament who dont know anything about Management Accounting. They become Honourable(?) Finance Ministers

  16. Iswar says:

    If CA”s says they say by naming to ICWA TO CMA will confuse to industry how charteredd name is not confuseing to industry based on their profession ,So for them they sould request to ministry for change in their name.
    Govt should considered on the basis of subject curriculam and accept the argument.
    The CA’S arguments are not justified. How jaswant sinha taken a note and favor for CA. it is very shame to the country this type of poltical people polticalise every thing for their own agenda.

  17. Rajnish says:

    we hv to stand together for the better relation as well as economy. but this matter should be understand by MCA or Other Govt. Deptt. why create partiality with CWA ,why all the rights are reserved for CA’s. if both are equivalent professional then why CA’s take more chance,whts the reason, wht Govt. think about the profession of CWA. wht will be the future of CWA’s student.
    name is no issue but authority is be issue that CWA’s also have good opportunity. that reduce the manipulation of individual professional Body, and that create ethical duty of professional, improvement in Indian Economy.  

  18. Anand says:

    I repeat whateve I commented yesterday. If ICWAI wish to change its name, let it do that. Whats in the name? In the industry both the qualifications (CA or ICWA) are well recognised in the industry. It is very frustrating that members of two noble bodies are standing before one another as foes. Please spare some time to think that whether CAs or ICWAs are recognised overseas? Its pitty that nobody has that much recognitions and if the members of these institutes wish to settledown abroad then they have to study further and obtain similar qualification of that country. Now- a- days pl compare yourselves to compuer/software professional, think, they are earning in millions and CAs and ICWAs are nowhere in their comparison even after passing the 100 times hard exams than any other professional qualification. Now the time is to come togather and to make the accounting profession stronger.

Leave a Reply to Iswar Cancel reply

Your email address will not be published. Required fields are marked *