PROTEST ONE AND ALL! Against the move of parliament approving the amendments to the existing legislation whereby the Cost and Works Accountants are permitted to be known as Cost Accountants. 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. A direct bearing of the said Parliamentary approval would not only have serious repercussions as to ICWAI members referring themselves as “Cost Accountants (ICAI)” and thus there would be two sets of ICAI members i.e. us the Chartered Accountants and Cost Accountants.
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Parliamentary standing committee on finance under the chairmanship of Yaswant Sinha recommended that ICWAI is proposed to be ICAI and CMA B. M. Sharma, then President of ICWAI as well as the present President of ICWAI opposed the move like anything and ICAI was thinking that they have owned the battle of opposing ICWAI to become ICMAI. I think ICWAI should not do anything in this regard but to accept ICWAI as ICAI from which ICAI may learn a lesson of opposing the move of ICWAI to become ICMAI. NOW ICAI has no option left with but to withdraw the objection against ICWAI for becoming ICMAI otherwise let both ICWAI and ICAI have same accronym like ICAI and the members of both the Institutes be known as CAs!
ReplyDeleteIt's good article. It will be a lesson for ICAI. It should not oppose for a name change to a fellow accounting body. ICWAI should be recognised as ICMAI. All over the world cost accounting profession is recognised as cost and management accountants. I hope honorable MPs will understand this and give proper recognisiton to ICWAI profession in India.
ReplyDeleteYes. I do agree with the above. All big scams like Satyam in india pointing Chartered accountants involvement directly or indirectly highlighing their inefficiency in exercising their duties. We should cut the powers of Chartered accounts and delete their chartered name which comes from Coloniel from Britishers. We just need to keep their profession as Public accounts like in USA( Certified Public Accountants). They should be responsible to Public not to Royals. Infact they do post- Mortem Audit which never prevents any frauds. This is high time for the Central Government to step in and cut CA's powers and increase powers to Cost accounts by giving name Cost & Management Accounts which restricts CA's monopolism.
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