Dear all,
It will be great thought to Establishment of Independent Regulatory Authority to control the profession of all the three Institutes and all other Accountants in India. All the persons in the accounting, auditing, secretarial areas must obtain license from this authority. The various standards like, Accounting Standards, Cost Accounting Standards, Standards on Audit, Standards on Internal Audit and Secretarial Standards must be issued and keep updated by the this authority.
I even think a Separate Ministry for Audit, Accounts and Secretarial Practice to ensure regulated growth of these professions.
There should various categories of license like
Category V for B.com passed person
Category IV for M.com passed persons
Category IIIA for ICSI Members
Category IIIB for ICWAI Members
Category IIIC for ICAI members
Category IIA for Dual Memberships of ICSI and ICWAI
Category IIB for Dual Memberships of ICSI and ICAI
Category IIC for Dual Memberships of ICWAI and ICAI
Category I for Triple Memberships of ICSI, ICWAI and ICAI.
Category V of B.Com license holders should be given permission to maintain and do daily book keeping.
Category IV M.COM license holders should be given permission to work at Junior Managerial level in Finance and Accounting areas.
Category IIIA of ICSI members should be given the exclusive areas of Secretarial Practice and Compulsory Secretarial Audit of every company in case of practice, and Company Secretary in every company in case of Employee.
Category IIIB of ICWAI members should be given the exclusive areas of Cost Accountancy and Compulsory Cost Audit of every company in case of practice, and Chief Cost and Management Accountant in every Company in case of Employee.
Category IIIC of ICAI members should be given the exclusive areas of Financial Accountancy and Compulsory Financial Audit of every company, in case of practice, and Chief Financial Accountant in every Company in case of Employee.
Category IIIA of Dual Members of ICSI and ICWAI members should be given Both the areas of Practicing Company Secretary and Practicing Cost and Management Accountant applicable on every company. Single position either as Company Secretary or Chief Cost and Management Accountant in every Company in case of Employee.
Category IIIB of Dual Members of ICSI and ICAI members should be given Both the areas of Practicing Company Secretary and Practicing Financial Accountant applicable on every company. Single position either as Company Secretary or Chief Financial Accountant in every Company in case of Employee.
Category IIIC of Dual Members of ICWAI and ICAI members should be given Both the areas of Practicing Cost and Management Accountant and Practicing Financial Accountant applicable in every company. Single position either as Chief Cost and Management Accountant or Chief Financial Accountant in every Company in case of Employee.
Category I Triple Memberships of ICSI, ICWAI and ICAI, All practice areas as above should be given to these members. In case of employee either one of the above position should be given.
Regarding the name of the Institutes;-
ICSI- same name i.e. (Institute of Company Secretaries of India)
ICWAI to ICMAI (Institute of Cost and Management Accountants of India)
ICAI-same ICAI (Institute of Chartered Accountants of India)
Now comes the matters of MRA among all three institutes. There should be core subjects papers in the area in which the particular profession has specialization. The other Institutes member should pass those papers to become the member of that Institute.
In case of ICSI -
1. Company Secretarial Practice
2. Corporate and allied Laws
3. International Trade Organization and GATT etc.
4. Secretarial Standards
In case of ICAI
1. Financial Accounting and Corporate Accounting
2. Direct Tax Laws
3. Indirect Tax Laws
4. Accounting Standards, Standards on Audit etc.
In case of ICMAI
1. Cost Accounting- Methods and Techniques
2. Operational management and control
3. Management Accounting- Performance Evaluation and Decision Making
4. Cost Accounting Standards and Management Accounting Guidelines
In case of MBA's the same authority can give them license as Management personals with specialization like HR, Financial Management, Merger and Acquisition etc. and these professional can either practice or can do job in various companies.
I am sure that after implementation of the above all professionals will work with the full potential and respect all other professionals. As results, India will become the most advance country in the regulation of the professionals.
It will be also beneficial to all the students of the three institute as those can concentrate on the one course and after becoming the meber of one institute, they can become a member of other Institute by the above arrangement.
Please given your comment in constructive manner by consider the benefit to all professionals and in the interest of India.
Thanking you.
CAclubindia
