Hi,

In my view name change is very much required and that should be INSTITUTE OF CHARTERED MANAGEMENT ACCOUNTANTS OF INDIA (ICMAI).

All other institute of other countries and india are in favout of name change from ICWAI TO ICMAI.

While IIM has no objection why ICAI raising this concern. They should not supress ICWAI due to their undue influence to cut the competition and to keep their monopoly market. In a democratic country whole power (finance power) should not be in one hand. ICAI formed before indipendence i. 1949 and ICWAI formed after independence 1959. and it is very sad to know in democratic country like India there is no freedom even to change name. If ICAI is objecting for name change then what about the distribution of Statutory power to ICWAI? ICAI also behaving like Britishers. Government also influenced by ICAI.

This should be dealed in Supreme Court.

Every body thinks that ICWAI is limited to only Cost Audit as it has the statutory right to sign on Cost Audit Report only. But the fact is that CWA is all about Management Accountancy and Cost accounting is a part of Management Accountancy. Management Accountancy means the accounting which guides the management to take proper decision and give very useful internal report (MIS reporting including costing reports) in all aspect to optimise its resources. Cost means- Cost of Product, Cost of Service, Cost of Capital.

ICAI is for Statutory financial audit. It does not mean that it is the only body which should do all commercial things like Management Accounting, Project Analysis, Valuation, Taxation etc. Government should take a lead role to make the three institutes (ICWAI, ICAI, ICSI) competitive and equally importance insted encoraging monopoly by a specific institute. As we know parant institute of ICWAI is CIMA. They have strugled like anything to change name from ICWA London To ICMA London And Then CIMA LONDON. it took 80 years to make the changes and make the premium institute. All other institute of other countries have changed their name and broden their scope as per the need of the present commertial global world.

ICAI may opose n no. of time to kill the market competition and keep monopoly market. But Govt should take care of the institute. I think ICWAI should sue a case against ICAI in Supreme Court for interfearing in growth of institute. What ever ICWAI is doing is to make the institute premium and as per the need of the present and global commertial world need. So, in a democratic country one should not encourage monopoly in market.

 ICWAI should have statutory right to sign on Internal Audit, Indirect Tax Audit  & certificates (Excise, Service tax, Custims, Sales tax, VAT and CST), Year end stock valuation. CWAs are the appropriate persons for MIS reporting. because Internal Audit is for management, MIS reports are for Management. At the same time Capital Marketing i.e. what CFA institute is doing shold be come under ICWAI institute as we have no separate legal institue for it.

Cost Audit is to be extended to Service Sector also. as now a days it is one of the important sector. cost of service is very important. 

In short. not only name change scope and statutory authority for practice should be extended.

Govt. should make proper decisions in this aspect.

.