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Discussion > Career > CMA >

Icwai demands drop chartered from icai

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Company Secretary

[ Scorecard : 13722]
Posted On 16 December 2011 at 11:06 Report Abuse

New Delhi: 15th Dec 2011

 

The President and members of the Council of the Institute of Cost and Works Accountants of India express their utmost unhappiness on the passing of the ICWAI Amendment Bill in the Rajya Sabha on 12th Dec 2011, by which the name was proposed to be changed to the Institute of Cost Accountants of India. Our Institute strongly objects to the move by the sister professional body in interfering the activities of the another professional body to encourage foreign management accounting bodies to establish their presence in India to the detriment of Indian professionals. The Hon’ble Minister in his reply to the debate in Rajya Sabha also questioned “After independence, why a colonial name like Chartered should be there. You know, this is a matter which is left to the Chartered Accountants of India to consider.”

 

We also demand that in the post independence era let the Government also change the name of the Institute of Chartered Accountants of India into some other name or remove the name “Chartered”. While for this the Government feels that it is the matter which has to be taken up by the Chartered Institute, in our case we find that without our consent our name is proposed to be changed at the behest of The Institute of Chartered Accountants of India. The dominant position enjoyed by the Chartered Accountants are taken advantage by that Institute in creating block for a sister professional body which is catering to the youth to get a professional accounting qualification while working in whatever employment they are already in, to further their growth prospects.

 

The Institute of Chartered Accountants of India have been continuously interfering with the name change of our Institute, objecting to the name by which the similar cost accounting bodies across the globe are called. Unfortunately, due to their dominant position which was recognized even in the Report of the Standing Committee of Parliament, our genuine request is not heeded by the Government. In the Rajya Sabha’s debate during the Bill many Honourable Members commented that the entry of foreign consulting firms through surrogate Indian audit firms should not be encouraged.

 

They also commented that “That is why it is quite possible that money is illegally taken by some entities to foreign countries with the advice and superb consultancy with the Chartered Accountants ……. That is why along with the quantity of Chartered Accountants ……… the professional ethics in this country, unfortunately, are declining very fast and sometimes feel that it is going to the point beyond no repairs.” In another statement in the same debate Honourable members commented “Now in the recent 2G scam, you will be surprised to know

that in all the cases of all these companies, whatever certificates were given by the auditors that their authorized capital is this much and paid up capital is this much, were false. They got the license on the basis of false certificates issued by the auditors. It is a very serious issue Sir”.

 

The growth of membership as well as students in the past five years of ICWAI has been phenomenal with the growth rate of 30% every year. The students are growing at the rate of more than 50% in recent years. This shows that the youth of the country have recognized that a major opportunity lies in acquiring a professional qualification. In all the cases which was mentioned in the Rajya Sabha debate the Chartered Accountancy profession was targeted but ultimately the punishment was handed over to the Cost Accounting profession which has no role in these scams. Through this exercise, the Institute of Chartered Accountants of India have enabled foreign management accounting bodies to establish their presence in India. Indirectly this is creating a position of dominance for the Chartered Accounting Institute, which goes against the principles the Government is trying to establish through the Competition policy.

 

The 50,000 members and 4,00,000 students all over the country are pained due to this unfortunate development. The Central Council Members, Office Bearers of the Regional Councils & Chapters of the Institute have started to send their resignation to the President as a mark of protest against this unfair activity of the Institute of Chartered Accountants of India in preventing the just demand of our profession.



Total thanks : 3 times

Online classes for CA CS CMA



RG - A Helping Hand
Company Secretary

[ Scorecard : 13722]
Posted On 16 December 2011 at 11:07

Please check the link below to this notification:

 

http://www.icwai.org/icwainew/docs/ICWAI-PRESS-RELEASE.pdf



Total thanks : 3 times




CA Chandani
CA

[ Scorecard : 211]
Posted On 16 December 2011 at 12:00

Great Richank Sir......

Still i feel y these both Institutes r fighting among themselves rather thn finding a suitable conclusion & Remedy.



Total thanks : 5 times



Arijit Bhattacharjee
ACA, M.COM

[ Scorecard : 402]
Posted On 16 December 2011 at 12:01

THE MOST INTRIGUING PART IS THAT OUR INSTITUTE (ICAI) TOO RECOGNISED THE FACT THAT USING "CHARTERED" WORD WAS CLEARLY INSUBORDINATING THE PROFESSION OF ACCOUNTANCY AT THE MERCY(OR DEDICATED) TO THE ROYAL QUEEN OF GREAT BRITAIN AND HER LORDSHIP.

THIS APPAERED ONCE IN THE ICAI JOURNAL:(Contributed by Journal section)

 

 

AGAINST DISCRIMINATION: STRUGGLE FOR THE DESIGNATION CHARTERED

Through their constitution Indian Society of Accountants and

Auditors, in Bombay, Registered accountants systematically

attempted to secure the appellation, Chartered Accountant,

for themselves through a memorandum. This memorandum

was discussed during the discussions on the sub-Clause (b)

of the Clause 75 of the Companies (Amendment) Bill in the

Legislative Assembly on March 23, 1936, which purported to

amend the Section 144 of the Bill by adding to its sub-Section

(2B): and when so acting to append to his signature the style

‘Chartered Accountant (India)’. As a result, the Legislative

Assembly witnessed an organised effort for securing the

desired designation of ‘chartered’ with an almost agreement

among the members of the Assembly. The memorandum

read on page 6:

‘We should be allowed to carry on as accountants

in our own motherland with a decent and selfrespecting

status, without any artificial device being

imposed on us which would brand us, and, therefore,

the whole nation, with an inferiority complex.’

This memorandum was a reminder of another

recommendation of the Indian External Capital Committee

in 1925 that steps should be taken to establish the order

of the chartered accountants in this country, which was not

taken up by the Government. The Committee that included

*Contributed by the Journal Section of ICAI

Not all Indian accountants were chartered accountants despite their like abilities and, thereby resulting,

rightfulness to audit accounts of companies in India. Accountants who were members of the chartered

societies of the United Kingdom, were allowed to use the designation Chartered Accountant. These

accountants were socially perceived and considered as accountants of higher order than the accountants

whose names were simply enrolled in the Register of the Governor General in Council, i.e. Registered

accountants. The Council authorised accountants to audit by granting them a certificate of practice. General

perception of the investors and common public was that accountants without the designation ‘chartered’

were inferior auditors. This negative distinction and inferior treatment revolutionised the Registered

accountants for a fight for equality and gradually instigated them towards a struggle for dignity.

 

 

 

Through their constitution Indian Society of Accountants and

Auditors, in Bombay, Registered accountants systematically

attempted to secure the appellation, Chartered Accountant,

for themselves through a memorandum. This memorandum

was discussed during the discussions on the sub-Clause (b)

of the Clause 75 of the Companies (Amendment) Bill in the

Legislative Assembly on March 23, 1936, which purported to

amend the Section 144 of the Bill by adding to its sub-Section

(2B): and when so acting to append to his signature the style

‘Chartered Accountant (India)’. As a result, the Legislative

Assembly witnessed an organised effort for securing the

desired designation of ‘chartered’ with an almost agreement

among the members of the Assembly. The memorandum

read on page 6:

‘We should be allowed to carry on as accountants

in our own motherland with a decent and selfrespecting

status, without any artificial device being

imposed on us which would brand us, and, therefore,

the whole nation, with an inferiority complex.’

This memorandum was a reminder of another

recommendation of the Indian External Capital Committee

in 1925 that steps should be taken to establish the order

of the chartered accountants in this country, which was not

taken up by the Government. The Committee that included

members like Pt. Madan Mohan Malviya, Mr. Vithalbhai Patel

and Sir P. S. Sivaswami Aiyer suggested a formation of the

all-India Institute of chartered accountants.

The President of the Legislative Assembly was Sir Abdur

Rahim. The discussions in the assembly, however, started

with discouraging argumentations from Mr. Sushil Chandra

Sen (a nominated official of the Government of India) and

Sir Nripendranath Sircar (a Law Member of the Viceroy’s

Executive Council). Mr. K. Ahmad (from Rajshahi Division)

helped them further. Mr. Sen considered the memorandum

an effort of usurping the superior designation without

holding any merit: there was ‘neither any logic nor any

justification for bestowing a designation’. Sir Sircar was quite

popular among the English for attacking the Indians being

an Indian. In this case too, he warned: ‘any efforts on the

part of the Government of India to take up this matter will

be a cause of retardation and not progress, so far as the

Indian accountants are concerned.’ He pointed out that this

designation will ‘enable them to commit a fraud, on at least

a part of the public by posing as Chartered Accountants’ and

tried to ridicule the members-in-support in lowly language.

He also informed the Assembly to have received many letters

of protest and resolutions from Indians at Calcutta objecting

to the provision made by the Select Committee (that it

was mandatory for the auditor to get a certificate from

the Governor General in Council to act as an auditor and

that the Government might make rules for grant, renewal,

or, cancellation of such certificatesand can provide for the

maintenance of a register of accountants, can prescribe

qualifications and emoluments on the register, and, so on).

Mohan Lal Saxena (Lucknow Division) and Pt. Krishna

Dutt Paliwal were among the firsts to rise to the defence

of the Registered accountants’ case. They were then amply

supported by Mr. N. M. Joshi (nominated non-official),

Pt. Govind Ballabh Pant (Rohilkund and Kumaon Division),

Pt. Krishna Kant Malaviya (Benaras and Gorakhpur Division),

Pt. Lakshmi Kanta Maitra (Presidency

Division), Sir H. P. Mody (Bombay

Millowners’ Association), Mr. M. S.

Aney (Berar Representative), Sir

Cowasji Jehangir (Bombay City),

Mr. M. A. Jinnah (Bombay Division)

and Mr. Bhulabhai Desai (Bombay

Northern Division). Mr. Jinnah came

out slowly but strongly to the extent:

‘Mind you, I stand for Indian talent,

I want complete privileges and same

rights as those given to anybody

else in my country.’ Pt. Malviya, Pt.

Pant, Sir Jehangir and Mr. Desai

argued thoroughly for the cause of

the Registered accountants. In fact, it was Mr. Bhulabhai

Desai who first mentioned the need ‘to create by means of a

statute an autonomous body of accountants in India’ so that

the body would have a constitution of its own and a power to

grant the required designation. Finally the Deputy Speaker

Shri Akhil Chandra Datta pronounced the motion adopted.

Such a promise from the Government was fulfilled only

after the appointment of the Accountancy Expert Committee

in 1948 that decided to call all practicing Registered

accountants by Chartered accountants. After this, the

dealing Ministry (of Commerce) sought the opinion of the

Ministry of Law, which noted: ‘…a Charter can only be

granted by the Crown…’ In the second and final meeting of

the Committee in June 1948, the Chairman Mr. C. C. Desai

discussed the draft Bill and the legal difficulty in adopting

the recommended designation. It was also discussed that

Indian accountants must be called chartered accountants

only, as this designation inherited a public impression that

chartered accountants had better qualification. Mr. G. P.

Kapadia, a member of the Board then, supported and shared

the same concern. It was then decided to call the Act as

Chartered Accountants Act. Then the Ministry of Commerce

referred its recommendations on the adoption of the name

to the Ministry of Law, while noting the positive advantages

against this adoption. The Ministry of Law noted that the

Dominion Parliament is not incompetent to make a law to

that effect and expressed its view that the Act should not be

called Chartered, as charter meant royal charter by British

usage. The Ministry of Commerce noted the viewpoint of

the Ministry of Law and by referring to the speeches made

by Pt. Paliwal, Pt. Pant and Mr. B. Desai, and concluded

that there was ‘no insuperable legal objection in using the

designation ‘Chartered Accountants’ that precedents exist in

other parts of’ the British Dominions. It further agreed that

the same might be adopted ‘for designating the members of

the profession in this country.’

Mr. S. B. Billimoria, a member of the Indian Accountancy

Board, submitted to the Accountancy Expert Committee

in June 1948 that it would not be legally correct to use

‘chartered accountants’. He cited the example of the

American accountants and their Institute and said that their

standing was not any low in comparison to the chartered

accountants and institutes for the same. However, the

Committee, after careful consideration, decided that

‘the members of the profession in this country should be

designated as Chartered Accountants.’ A little later in July

1948, a member of the Committee, Mr. N. R. Mody, voiced

his concerns over the designation accepted and suggested

alternatives to the Committee. However, the Committee

went ahead with its decision. During the 18th meeting of

the Indian Accountancy Board, Mr. Kapadia informed that

the Charter of the English Institute was being amended

and that an application regarding the abolishment of

the prohibition of the use of the designation ‘Chartered

Accountants’ was in process. Mr. S. Ranganathan, the

Chairman of the Board, suggested that the Board did not

recommend the practice of using ‘(India)’ as part of the

designation and everybody agreed.

The Government drew attention of the Cabinet to

the recommendations of the Expert Committee that

the Registered Accountants should be called Chartered

Accountants in future and an institute of Chartered

Accountants should be incorporated by a special Act of the

Legislature, despite an objection raised by the Ministry of

Finance over the designation, which was duly responded

by the Ministry of Commerce. The Chartered Accountants

Bill as vetted by the Ministry of Law was introduced in

the Constituent Assembly of India and was consequently

referred to the Select Committee that submitted its

supportive report along with the redrafted Bill on March

1, 1949, despite a dissent from its member Mr. H. P. Mody

who opposed the adoption. The Committee redrafted

especially Clause 7 of the Bill by inserting its comments

on the name of the firm of chartered accountants. There

were no further obstacles and the Bill retaining the

Select Committee’s corrections was eventually passed

by the Legislature and assented to by the Governor

General.

The discussions held in the Legislative Assembly and their patriotic

undercurrent, even today, retain the power to affect and

impress all about the glorious caretakers and their passion for

the accountancy profession in their times. Readers will sure find

the following excerpts from the historic debate in March 1936

not only interesting but inspiring too, especially so because the

people who argued for the case were politically quite aware of

their rights and responsibilities:

Pandit Shri Krishna Dutta Paliwal:

“In the first place, the Indian Society of Accountants

and Auditors say that the belief that the designation of

“Chartered Accountants” is the exclusive and monopolised

privilege of the chartered accountants who are qualified

only in England is erroneous. In fact, such is not the

case. Almost all the Dominions in the British Empire

(except India) have themselves provided, independently

of the English qualification, for the awarding to their

nationals the designation of “Chartered Accountants” by

the legislative enactments. Sir, it is written here in the

memorandum sent by the Indian Society of Accountants

and Auditors that the designation “Chartered Accountants”

is allowed in the following countries: Canada, Alberta,

British Columbia, Manitoba, New Brunswick, Nova Scotia,

Ontario, Prince Edward Island, Quebec, Saskatchewan,

South Africa, Transvaal, Natal, Cape of Good Hope,

Orange Free State, South Rhodesia. So the suggestion

of my Honourable friend that this designation is confined

only to these five or six societies in UK is wrong. I submit

this is done in all other parts of the British Empire also.

Now, Sir, I admit that this is done not by the Company’s

law but by special laws enacted for the purpose.”

“It may be said or it may be hinted that the

professional qualifications of the Indian accountants are not

so good as those of the “Chartered Accountants” of other

countries – I say that it is not so. The Indian Society of

Accountants and Auditors says: ‘Regarding the tests in general

education, and practical training and the range of knowledge

in professional subjects required by Government before

granting the auditor’s diploma of Registered Accountant,

they are undoubtedly rigorous and connote a high standard

and a wide range of professional attainments as admitted

by the Government themselves and they compare quite

favourably with those required in England and in other British

Dominions...’…I do not understand why Indian accountants

should be put to any disadvantage for the benefit of the

British or England-returned accountants.”

“Why should they (Indian accountants) be prevented

from designating themselves as “Chartered Accountants”

simply for the advantage of those who have wasted the

hard-earned money of Indian in other countries? How is

it justifiable that for that very reason and no other, these

England-returned accountants should demand special

privileges for themselves? I have seen the syllabuses

which are prescribed for the Accountancy examinations

in different parts of the British Empire, and I am satisfied

that the Indian examination is as stiff, I may even say, it

is superior in certain respects to the examination which

the accountants in other countries, especially these socalled

“Chartered Accountants” have to undergo.”

“…another inconvenience which the Indian accountants

have to suffer on account of this invidious distinction is

that investors and the general public wrongly believe that

if an auditor does not hold the designation of “Chartered

Accountant”, he is no good and he is looked upon as an

inferior class of auditor. Even Courts of law in India while

passing orders in matters concerning accounts and audit

at times inadvertently make similar mistakes.”

Pandit Krishna Kant Malviya:

“Aristotle thought that man is a social being, Karl Marx

and others also of his way of thinking made out that

man is always actuated by selfish motives, that classes

always are anxious to crush the masses. Fraud and Jung

have come to the conclusion that s*xual instinct is the

incentive for all our activities, and so on, but Sir, it was

left to the Honourable the Law Member to come forward

and declare that our poor registered accountants only

wanted to be chartered accountants because they are

anxious to commit frauds and to deceive the unwary

public…The Governor General or the Viceroy in every-day

parlance is said to represent the King but so far as the

poor registered accountants are concerned, he cannot

issue a royal charter; and what these poor accountants

feel is this, that in their own motherland they cannot rise

to the highest positions. In spite of passing examinations,

in spite of all that they may do, they will be dubbed as

inferior beings. This is what they resent.”

“Why is it that there is a glamour around the name of

the chartered accountants? Why is it that the Government

of Indian themselves attach more importance to an

examination which is held in a foreign country as compared

with the examination which they hold themselves? The

Registered Accountants want that the Government of

Indian should raise the standard of examination as high

as possible. These accountants are proficient and are

well up so far as their duties are concerned, and they say

that they should be allowed to call themselves chartered

accountants, or anything which will suit the Government

of India and which will compel the latter to regard them as

the best in this land, as those who can be compared with

the best in other lands.”

Pandit Govind Ballabh Pant:

“…it seems to me really incomprehensible as to why the

Government should not be prepared to call people, who

are entirely under their control, chartered accountants

if they are prepared to empower other bodies to give

them that designation? It comes to this that because a

person is entirely under my control and because I can

regulate the syllabus, the examination and everything

that has to be done with reference to the examination

of accountancy, therefore he should not be called a

chartered accountant, but if I were to entrust these

duties to another independent person, then we can do

so! That is really illogical.”

“If Honorable Members will be pleased to look at

Section 144, they will find that no Act framed with the

sole object of establishing a Board of Accountancy and

of prescribing a designation for persons securing the

certificates through such examinations could be more

thorough than this Section 144…It controls and regulates

the entire profession, Accountancy for the whole of India,

for the formation of Local Accountancy Boards, for the

registration of qualified Accountants, for the control of

their professional etiquette and all other things connected

with the establishment, constitution

and regulation of these Boards. Now,

Sir, are we to be blamed because this

provision forms part of the Companies

Act and is not a separate statute by

itself?”

“If there are anomalies, who

is to blame for it? Why did they not

take steps to establish this order of

Chartered Accountants in this country

as recommended unanimously by this

Committee in 1925 and since then

twelve long years have elapsed, but no

steps have been taken to establish this

order of Chartered Accountants in this

country.”

“…the difference is only this, that

while the members of the Indian CivilService are called I.C.S. the members of the provincial

civil services in our country performing duties even more

onerous and responsible, because they are brown in

colour, are called P.C.S. and get lower salary emoluments.

That is the main difference. So far as the status in the

matter of duties and responsibilities goes, I do not

see any distinction between the two. The fact remains

that a registered accountant is an Indian, - registered

accountants are exclusively Indian, - but so far as the

fairies only a few lucky Indians are admitted. So, Sir, the

difference is not altogether non-racial.”

“Does Sir Homi Mody really think that an ordinary

company manager here really knows the difference

between a registered accountant and a Chartered

Accountant? Why does he favour a Chartered Accountant?

Why does he favour a Chartered Accountant at the cost

of a registered accountant? ...The difference is that the

man has only heard the name Chartered Accountant. The

name Registered Accountant

is not known; so men who

have gone through the fire

here and possess similar

qualifications are denied

the opportunity which they

are entitled to because of

the wrong designation. And

why should this invidious

distinction be made in the

name?

“I want a common

status for all of them; but

I am prepared to offer a

compromise, and it is this.

Let it be a rule that even

Chartered Accountants

practicing in this country

will be called Registered

Accountants…If they are

registered, call them also

Registered Accountants. Do

not accept their status as

Chartered Accountants as

adequate for the discharge

of their duties here. It is

because they are registered

here that they possess those

qualifications. Eliminate

that phrase “Chartered

Accountant”, call them

Registered Accountants.

Make it penal for anybody to

call himself a Chartered Accountant here, and I will not

quarrel. Let all be called Registered Accountants. That

also will satisfy my sense of national pride; it will give me

equality with other alien people.”

“Up to this time I had thought there was no distinction

made, but when I was told that it is fraud to allow

these people to call themselves Chartered Accountants,

then I discovered that there was some distinction in

the background to him these people, otherwise, so

far as the performance of duties and the discharge of

responsibilities go, these people are as fully qualified

as the Chartered Accountants, with this difference that

Chartered Accountants get higher fees…”

“Sometimes one may require a telescope to distinguish

the faces of his own country men sitting opposite to

him. I do not quite see what their colour is, what their

complexion is, what is in their heart, - I do not know if

they have a soul or not. For that I require a telescope,

though they have a soul

or not. For that I require

a telescope, though they

are sitting just opposite to

me. So it may be necessary

to have a microscope for

looking at these letters.

But, Sir, is there no remedy

to be found for this, while

these unscrupulous people

may put in the letters ‘Ind.’

in that obscure, illegible

manner, is there anything

to prevent others from

advertising “Non-Ind.”

In blazing waving lines

that may be seen from a

distance of 101 miles.”

“Sir, we have M.A.’s and

LL.B.’s as in Cambridge, but

our people do not put ‘Ind.’

after their degrees. There

are mechanical engineers

again qualified in England as

in India. Are not their titles

common? Are we thereby

defrauding the employers?

This glamour for foreign

degrees and diplomas

will continue under this

hypnotism of foreign rule.

We are told that we are

suffering from an inferiority

complex. I do not mind suffering from an inferiority

complex if it goads us on to a superior status, but I do

not want superior arrogance if it tends to perpetuate an

inferior status.”

Sir Cowasji Jehangir:

“There is no crime in any body of professional men making

a memorial to Government stating that they desire to

have in their motherland the same status, the same

position as any one else, be they their own countrymen

or not, educated in a foreign country. There is no crime

in drawing the attention of Government to their feelings

of disappointment, after years of petitioning, at not being

allowed to have that status in their own country.”

“There were accountants in India before 1925. They

audited accounts and nobody challenged their authority

to do so; and many of those men are alive today,

men who had not passed the examination specified

in section 144, and who are still efficiently doing their

work as accountants. They are not called registered

accountants; they have a registered of their own and

they will soon naturally die out. In the same way, the

registered accountants say: “You have made us pass an

examination; you now call us registered accountants;

why do you not put us on the same basis and give us

the same status that accountants have in different parts

of the Empire?” Is it a crime to aspire to be put in the

same position in India as the South African is in South

Africa? Is it a crime to desire and petition Government

that they should in future give Indian accountants the

same position and the same status that a Canadian has

in Canada?”

“Because the fact that a man happens to be a

chartered accountant or an incorporated accountant

signifies nothing to me till I see his work, and I have

known cases where chartered accountants have been

very poor specimens of their profession, and I have

known registered accountants who have been first class

professional men in their own work. I have also been

informed, - my information may, or may not be accurate,

nut it comes from a good source, viz., the men who

have been examiners for these registered accountants

– that the syllabus which is now laid down for registered

accountants is no inferior to the syllabus laid down in

England.”

“The difference is that an Indian going to England for

three or four years naturally is in a different atmosphere

to that in his own country, and naturally he has perhaps

better opportunities of gaining experience. That is

certainly an advantage, and I would be the last to deny

the advantage that is gained by an Indian who lives

in Europe for two or three years. I do not deny that

advantage, but my information is that that is the only

difference.”

Mr. Mohammad Ali Jinnah:

“But I want to make my position more clear generally. At

present, there is nothing at all to prevent any company

from appointing an auditor who holds a certificate,

whether he be a chartered accountant or a registered

accountant. One is as good as the other within the

meaning of the statute. Apart from the qualifications, my

friend, Sir Cowasji Jehangir, pointed out that there are

certain Indian Registered Accountants who are far more

efficient and far superior to any chartered accountant.

We have got instances in other professions also.”

“If an ordinary litigant attaches more importance to

me than to my friend, the Leader of the Opposition, and

says “Well, Mr. Jinnah is a barrister while my friend, the

Leader of the Opposition, is an Advocate”, same footing,

we have the same rights and the same privileges, and

if some misguided person attaches more importance to

me because I am a barrister, well it is his misfortune. My

friend, the Leader of the Opposition, may be far superior.

Therefore, Sir, it really comes down to this. A glamour is

attached to Chartered Accountants…”

“Mind you, I stand for Indian talent, I want complete

privileges and same rights as those given to anybody

else in my country. But let us proceed in some methodical

manner. I do hope that the Government will not any

longer delay in taking up this matter.”

Mr. Bhulabhai J. Desai:

“…if it was competent to the Governor-General in Council

to call them “R.A.”, they could equally and easily have

been called Chartered Accountants, India. It is purely

a question of name which is given. It is a same which

can be altered at their pleasure, because ‘Registered

Accountants’ is an artificial descriptttion…It is within the

power of the Governor General in Council within the

meaning of section 144 and the rule making powers in

that behalf to give any designation they think proper

as the Act stands at present. But if the intention is to

create by means of a statute an autonomous body of

Accountants in India.”

“I certainly would prefer it, and though it is

competent within the law to do it, yet because of the

promised creation of a body of Accountants with an

autonomous constitution of their own having the power

to grant degrees and give designations, and in particular

“Chartered Accountants (India)”, we do not think it

worthwhile to press this matter

 

 


Total thanks : 1 times



Member (Account Deleted)
Manager

[ Scorecard : 440]
Posted On 16 December 2011 at 12:11

 

K/A All CA studenst/CA 

Even CWA

ICWAI is not able to answer any question for name change. They are just trying to dafeme ICAI. Management is bigger term than acounting . a proper solution may be found, But ICWAI is just trying to confront ICAI.

They are just trying to gain from the profesion which was gron by ca. They are following double standard toward their policy;

Once ICWAI says Chartered is colonial word  ,, it should be deleted , it is mere politics. On the other hand ICWAI asking to make it like CIMA , which is UK Body.

They ar giving example of US and Canada , But our leaders can ask them to be a private body not statutory like one in USA  and canada.

No , they do not have answer. They are just insisting name change . 

 



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RG - A Helping Hand
Company Secretary

[ Scorecard : 13722]
Posted On 16 December 2011 at 12:18

Whatever the reason may be but the word "Chartered" is the life of Chartered Accountant profession. There is no doubt about that and should remain attached with ICAI.



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Member (Account Deleted)
Manager

[ Scorecard : 440]
Posted On 16 December 2011 at 12:21

Richank,

I agree with you , even Cs should be given word " Chartered" . IF ICAI is opposing , i will not support this move.

"Chartered " is not  patented by only UK or India .

 



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CA Chandani
CA

[ Scorecard : 211]
Posted On 16 December 2011 at 12:22

People struggle so hard for adding dis Chartered Degree.....Is it only the aspirants realise the value of this Word???????



Total thanks : 6 times



Vikash Kumar
Manager Accounts (CA. Final)

[ Scorecard : 689]
Posted On 16 December 2011 at 12:28

Originally posted by : Richank Garg

Whatever the reason may be but the word "Chartered" is the life of Chartered Accountant profession. There is no doubt about that and should remain attached with ICAI.


Agree with you sir.



Total thanks : 1 times



Member (Account Deleted)
Manager

[ Scorecard : 440]
Posted On 16 December 2011 at 12:29

 

CMA in Neibhoring conutries have copied from Uk USA and canada  See the case of Us and canada,

CMA Institute are  not statutory body , it  is private society . WE cant not allow  ICWAI to be a priavte body, can we? 

In UK, CIMA is chartered body , but no any role in accounting and auding under UK companies Acts.

Can we suggest cost audit to be taken back from ICWA.

CIMA is promoting Management Accounting as MBA course acroos the whole world.

IF our CWA Goes global , we have no problem but similarly like CIMA UK.



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