ICWAI applies for name change

Recently, ICAEW & ACCA have changed their logo to signify their presence in the marketplace. And now The Institute of Cost and Works Accountants of India (ICWAI) has presented a memorandum to the Ministry of Corporate Affairs requesting for a change in the name of the institute. Read More

The President of ICWAI, rightly points out the concerns with words "Cost & Works" in the name of the institute is proving a hindrance to gain mutual recognition with other institutes in the world. ICMAP is better off in recognition in Australia than ICWAI. Read here

“The Associate of ICMAP is assessed as comparable to the educational level of an Australian Bachelor degree”

As you read the news item, you will notice that ICAI is unable to digest the request for change in name. It has continued its one point agenda from 1972.

Read the comments from ICAI

“The ICAI continues to hold the position it held earlier and that there is no valid reason warranting any change in the step,” said Ashok Haldia, secretary, ICAI.

According to ICAI, Parliament, while carving out the areas for respective professions, had left non-exclusive areas open to all.

Therefore, permitting the members of one discipline to exclusively use the designation “management accountant” as part of their name would lend statutory support to an incorrect assertion.

When someone reads these comments today he will stop and think whether the comments have been made in year 1950 or 1972. Mr. Secretary...The world have moved ahead and globally Cost Accountants are known as Management Accountants. I would request you enhance the CPD requirements of ICAI, so that everyone is in sync with the times. Also being a sister body, I would request you to support the cause of name change.

Moreover ICAI has to make an introspection when the History page is read out. Word "Chartered" in the name of the institute. The website reads "
The term Chartered Accountant came to be used in place of Indian Registered Accountants." The name change in 1949 was made to be in tune with UK and not with true meaning since there is no Royal Charter in Republic of India.

I feel that Indian Accounting scenario requires a radical change keeping in tune with what is happening around the globe. Change of name of ICWAI is imminent . GOI should have an independent body for setting Accounting Standards as well as Audit Standards similar to UK or US.

ICAI is abusing the monopoly position that it has gained statutorily. As it so happens the public are at risk of monopoly since they have no where else to go should they feel agrieved. So GOI should consider setting up new accounting bodies and regulating them.

Kudos to ICWAI for submitting the proposal for name change with The Ministry of Corporate Affairs..... It is the right time since MCA has changed it own name to be in tune with times.


Santosh Puthran

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