yes,indeed,there ia a monopoly of ICAI,however it is neccessary for maintaining quality.my view is ICAI should try to make this Exam tougher at CPT Level also.I also feels very Bad for those students who just get failed by 2-5 Marks after passing all subjects individually but doesnot  make aggregate,Further ICAI should provied compulsory internship & must allocate to every article to any industry/company for 6-12 months.

yes,indeed,there ia a monopoly of ICAI,however it is neccessary for maintaining quality.my view is ICAI should try to make this Exam tougher at CPT Level also.I also feels very Bad for those students who just get failed by 2-5 Marks after passing all subjects individually but doesnot  make aggregate,Further ICAI should provied compulsory internship & must allocate to every article to any industry/company for 6-12 months.

When IIMs, IITs can have competitiors then why not ICAI. If ICAI is best accounting body then they should not be afraid of this but they should welcome it. Competition brings the best out of you.

@ CMA. Rakesh Kataria: Sorry if this is off track, but UK's three cricket teams participated in 2009 ICC World Twenty20: England, Ireland and Scotland.

If India was still under British rule, and CA Act was allowed to pass in and for India, then UK would have had 6 accounting bodies.

And, what are we arguing here for? Accounting bodies? C'mon one can do accounting if he/ she knows how to do it.. I came across one lady who was M.A. in Sanskrit and was maintaining books at an NGO with guidance from the Secretary/ Director.

I thought this was for auditing rights.. :/

We at India study for getting good jobs, that's why we have less academicians. 

If one can pass by reading 40-50 questions from scanners, he/ she shall do that only, he/ she won't bother to dig into book for knowledge. Most people care to pass, that's all.

When every organisation follows IFRS, the ICAI's sole-power to frame standards slowly goes down.

Dear Sidd

Britisher left the country but still we are following the British model, name of ICAI was debated in 1949 by Indian parliament and most of the members of the parliament were against the use of word “Chartered”( as It shows British slavery) , that time Mr. G.P.Kapadia  who was the first president of the ICAI persuaded   the members of the parliament that since we are following the British model of Accounting and auditing, name of our institute should also be in the same reference, also he debated that if we do not allowed to give chartered word then Indian CA’s will be less important in International market. Accordingly members of the parliament allowed members of ICAI to use the word “Chartered”

Above facts are written in the parliament library and you can collect from there also if want to read the whole story of ICAI you can download the article “Creation of Chartered Accountant institute” from CACLUBINDIA

So we are still following the British system, from name of the ICAI to working and training methods, so why we cannot follow the complete system.

I would like to tell you that I had personal discussion with some of Parliamentarians in Delhi including the officials of the MCA; all are convinced with my idea. You will see the lot of developments will comes in next 2/3 years. Whether CA’s likes or not but government do not want to depend on one Institute.

Thanks a lot for that brief history, quite informative, I'll sure read that article.

Not sure about the relevance of that info to my post, but England, Scotland, Ireland are actually different/ separate countries.

England, Scotland and Ireland are comes under United Kingdom, in united Kingdom all 5 Instiitutes are allowed to do the Financial audit,

After the Satyam and other financial frauds, Govt of India wake up.

So many investory lost money in  share market due to overstated balance sheets of companies audited and certified by the CA's. Who are responsible for the loss of the investors. also there is no law in India to curb the CA's for helping the fraud businessmans. Due to one institute in India governement is also helpless to curb the CA's  in involving in malpractices.

Why India's 400 lacs crores rupees are in Swish Bank? , we have Finacial audit and Tax audit in practice. more than 150000 CA's are in country. than also businessman are able to transfer the funds abroad, Either businessman's are smart or CA's are lacking the skill or both are involved.

there are lots of questions needs to be answered regarding CA profession.