CMA.Babu Reddy (Assistant Manager Finance ) (43 Points)
18 September 2010Why ICAI President is opposing name change of ICWAI
ICAI President Argument on ICWAI name change
“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”
Is this correct to do with sister institute?
Can ICAI members discuss on this topic?
Thanks
Regards
B.Babu Reddy
CA SURENDRA KUMAR RAKHECHA
(Practising CA at Surat)
(26263 Points)
Replied 19 September 2010
Really it is a big issue for CWA Institute and this matter was discussed by some ICWA authorities 3 years back.
ICAI is opposing the change of name not because it is favourable to CWA members but the change of name from CWA to CMA will give a very good identity to CWA Institute which is unfortunately not so recognized in the society except Eastern Region where its headquarters is situated.
So far Management consultancy has remained privilege of CA members. But in my opinion; CWA practising members are also good and they are doing great help to the Industry by advising them for cost controls and cost reduction which is in addition to cost ascertainment.
The issue is an old battle between the two. Due to ICAI's strong members position; it has more influence on ministry level.
CWA Institute was lacking in marketing of its course which it has realized now. Now it has increased its course fee and more students now choose CWA in comparison to MBA.
The moment CWA members are known as CMA; they would claim that they are more unique than MBAs. Because MBAs are the administrators ( on the basis of dictionary meaning they would be able to influence fresh students and their parents ) and thereby CMA members would claim they are real part of the Management.
ONE SHOULD FOCUS ON THE COURSE MATERIAL THAN THE NAME WHAT IS BEING USED.
Of course; CWA nomenclature is outdated and that is why it was changed to CMA in foreign countries.
(This is my personal opinion because I see all the courses from same angle - each course is unique in itself. The only thing which is required to be upgraded is the VISION about the course).
CMA.Babu Reddy
(Assistant Manager Finance )
(43 Points)
Replied 19 September 2010
thanks for your reply
AVINASH GUPTA
(AST. MANAGER -ACCOUNTS)
(38 Points)
Replied 20 September 2010
CA institute have fear that ICWA may overtake him after name change
Ashish Ojha
(Chartered Accountant)
(469 Points)
Replied 20 September 2010
It may happen due to Direct Competition in Some fields between CAs and CWAs. Management Consultancy, Accounting, and To a great extent Consultancy on financial planning to some companies..
In today's context, If we see a job Advertisemnt We mostly see like Qualification required: CA/CWA, with 0-3 year experience and so on...
If we leave big firms and comapanies which cannot compromise on quality.. Rest of Indian Companies are not assuming much difference in CA/CWA, they consider both as similar and substitutable...
ICAI is definitely in fear that if name change is allowed this may prove to be very much beneficial to CWAs and may cause dent in the market share of CAs..
CMA.Babu Reddy
(Assistant Manager Finance )
(43 Points)
Replied 22 September 2010
thanks Ashish Ojha
Rohit
([ ] )
(1140 Points)
Replied 23 September 2010
What is wrong with that?
Mr. ICAI President has to keep killing the competition, just like they have been doing since 1949. With due respect to all the contribution that ICWA makes or whatever, ICAI commands a premium in the job market and in its clout with the Govt of India and they should make every effort to preserve it.
S.K.Thakur
(Advisor)
(26 Points)
Replied 23 September 2010
All the blame is to be given to ICWAI, its management and President. they act in the Mediocre manner and that is why the currupt body like ICAI also gets a chance to oppose the better and taugher course in quality and contents like Cost & Management Accountants. Every body knows after the incidence of SATYAM that how messy the ICAI and its creditworthiness. No doubt there is a dire need for total revamping and taking away of monopolisation of ICAI even in the field of Financial audit. It is high time that Govt. should sensor currupt body like ICAI for Financial frauds occurring all around, rather to invite its comment on independent issues like changing the name of ICWAI to ICMAI. it is none of the business of currupt and inefficient body like ICAI to offer its consultation on purely independent and highly desirable issues. The connivance of the ICAI and some of the machineries of the Govt. is also well known and in the wake of global scinario if the change of name is differred further it involves a national cost for the shameful act of the ICAI.
S.K.Thakur
CMA.Babu Reddy
(Assistant Manager Finance )
(43 Points)
Replied 24 September 2010
Rohit&Thankur thanks for your reply
Debasish Chattopadhyay
(Partner)
(22 Points)
Replied 21 October 2010
ICAI SHOULD NOT BE JEALOUS WITH THE NAME CHANGE ISSUE OF ICWAI. IT IS HENIOUS ACTIVITY. ICAI SHOULD BE MORE CAREFUL AND SENSIBLE TO THE INDIAN PEOPLE. SATYAM , GT BANK RESULT DOES NOT JESTURE ANY SINCERETY. THEY SHOULS FEEL THE IMPORTANT ROLE OF COST & MANAGEMENT ACCOUNTANT IN INDIA. THEY SHOULD NOT INDULGE CII FOR HOUNDING AGANST COMPULSORY COST AUDIT. THIS IS AGAINST PUBLIC POLICY. CII TOO
DEBASISH CHATTERJEE FICWA
CMA. Rakesh Kataria
(Practising Cost Accountant)
(536 Points)
Replied 26 October 2010
ICAI is basically owned and runs by higher castes, these castes crused the lower castes in the history of India, they have same attitude in mind and crushing the ICWAI which is very poor in the sense of resources and approach in Govt.
Now Govt. of India needs to think about the ICAI while keeping in mind the partnership of SC/ST/OBC in affairs of the ICAI, at least alternatively president of ICAI shoule be from SC/ST/OBC.
Also India is a big country and only one institute cannot serve the nation in the field of accountacy. so we need to upgarde the ICWAI and Financial Audit and Tax audit should also be given to ICWAI,
Rakesh Kataria
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 26 October 2010
Dear Rakesh,
how do u say that ICAI is run by higher castes. I think u can avoid bringing castes and all in this issue. Each institute is superior to its members. So i definielty cannot give up my ICAI. Similarly, a CWA cannot give up his/her ICWAI. So lets wait for the final decision. in any case, change in name wud not bring an impact in any profession. Impact can be felt only through proper education.
CMA. Rakesh Kataria
(Practising Cost Accountant)
(536 Points)
Replied 27 October 2010
Dear Narayanan
you can download the file "creation of CA institute in India" it is a research paper. this paper is clearly mentioned about the caste based membership of CA institute.
As you mentioned name would not bring impact on any profession, then why members of "Registered Accountant"( old name of CA) begged in front of parlimentry committee( 1948) to give Chartered name to Institute. Parlimentry committee was opposed to give Chartered name as it is against the sprit of fridom fighter. Members give logic that internationally this profession is named as Chartered Accountant. if Indian accountant is not given the Chartered word then they will effect the memebrs position internationally. Committie accapted the plea and allowed the name chartered though it is agains the national sprit .
So name plays v. important role for the members of any institute if you goes internationally, ICWAI is fighting to change name ICMAI to get internation recognation.
I my self apply for the post of Management Accountant for the Hongkong based company but my application was rejected as my Institute name is ICWAI.
Hopefully Goverment will accept the request of the ICWAI and 50000 memebers will not suffer internationally due to name of the institute.after all we are also citizen of India.
Rakesh Kataria
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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