"It is unfortunate that the Institute of Chartered Accountants of India, which we have always considered as a sister professional body, took such a stand by virtue of their larger number and having members in influential positions. It may be noted that the objections of ICAI to our proposed name change is no different from the grounds that were taken by them in 2004, which was not found to have any merit. We from ICWAI made strong representation to the Standing Committee, refuting the concerns expressed by the ICAI, supported by references to national as well as global international practices.
It appears that the Committee considered the function of our members as defined under Section 2 of the CWA Act in its present form and has proposed to drop the word “Works” from the designation of a Cost Accountant. With due respect, I would like to submit that the Committee should on the same logic propose to change the name of the ICAI to “The Institute of Financial Accountants of India” since section 2 of the ICA Act states the function of its members as auditing and verification of “financial” transactions. In any case, the word “Chartered” is a legacy of the British Raj and the name itself was borrowed from the English Institute which had a Royal Charter. Our legislators should seriously consider whether we should continue with such a designation after celebrating the 64th year of Independence. I call upon our members and right thinking people of the society to impress upon the Legislators, Regulators and the Government of India to seriously consider whether an autonomous body constituted under an Act of Parliament of a sovereign country should be allowed to continue the word and designation “Chartered”.
The ICAI in its argument has stated that the change in the name of ICWAI to ICMAI would create confusion about the role and scope of the members of the two Institutes. As per the proposal of the Committee, if our name is changed to “The Institute of Cost Accountants of India” (aka ICAI), we should then logically be allowed to use the abbreviations “ACA” and “FCA”. I leave it to the judgment of the members of our Institute, members of the ICAI and the Government to decide which will be more confusing – the proposed name change as per original bill or as expressed in the Standing Committee Report.
The ICAI, which got constituted under an Act of Parliament before ICWAI, have had the advantage of statutory and regulatory backing from the beginning which unfortunately ICWAI never had. As a true professional body, our Institute has always supported the cause of professionalism even during the period when the profession of Chartered Accountants faced the crisis of public confidence in their profession recently. We have always been of the opinion that all the three professional bodies should work hand in hand for the development of the country and improving the competitiveness and corporate governance of the economy. In the country’s economic growth each profession has a vital role to play within the space which are clearly distinct and have been earmarked by the respective Acts of Parliament. The power that lies with the professionals should be harnessed to the country’s development and not bent upon trying to stifle and suppress the growth of fellow professions."
Extracts from President from "Management Accountant Journal" Sep'10 Edition from President Message
It is very Sad. If they are wel equiped why fear about Management Accountant designation. If all counterpart can be named as Chartered Accountant for all nation why the objection against change of name of Institute of Cost & Works Accountant to Institute of Cost & Management Accountant. Where all the counterpart in all nation are designated by same name. It is unfair. Monopoli activities. Why you can not say dada giri. Sad very sad. It is detrimental to professional excellency.
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