Cost and Works Accountants will now only be known as Cost Accountants, with Parliament approving amendments to the existing legislation earlier today.
Also, there will be some brand confusion as the Institute of Cost and Works Accountants of India will now be called the Institute of Cost Accounts of India. As a consequence, the Chartered Accounts Institute and the Cost Accounts Institute will share the same acronym – ICAI.
The approved amendments to three separate acts – the Cost Accountants, Chartered Accountants and Company Secretary acts will also enable professionals to form limited liability partnerships and offer multidisciplinary services.
Members of both the profession are requested to give their comment on the move by way of comment below the post so that we can make a memorandum the Government.
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I am very sad to know that the decision of taking cwa as a tax auditor has been declined by the Government. The reason behind it is only the power and skill of Cwa qualified person to dominate in the competitive environment. We know actually the whole conspiracy of ACA’ s member behind the declining decision. But if we have talent nobody will stop us to capture that position in future. We people fight for it ……………………………to change the government decision upto end.
thanks & regards
chandan