Dear Professional friends,
There has been several articles on the profession, recognitions, ethics, regulations, equivalence etc of CA, CS, CMA and some courts have also ruled on the regulatory powers of the 3 statutory bodies. However in my opinion, a profession must not be put to compete with other professions and the work areas of each profession must be clearly defined by the law made by government of the country.
The profession of CA, CS, CMA is governed by 3 separate Acts & regulations made thereunder by central govt, however, one can see that the 3 Acts are exactly same for the structure, provisions and only a few definitions, provisions, course contents, practice areas, recognitions are different.
Since all 3 professionals work on same set of documents, records, books of accounts, business policy, industrial regulations, business laws etc, all the services can be provided to the business entities by any of the 3 except statutory audit & tax audit in case of companies, cooperative societies, trusts etc that is reserved for CA only. However, this legal position creates competition among the 3 professions since one CA, CS, CMA can provide all service to their clients except large listed public companies that are governed by various corporate laws.
Therefore in my opinion if the 3 Acts CA Act, CWA Act & CS Act regulations made thereunder in respect of membership, practice areas, partnership, professional ethics, recognitions etc are consolidated and integrated in one law, it will radically change the face of 3 professions and the business world will gain immensely as what is perceived under GST. For example....
All members can prefix CA before their name to show that they belong to one profession like medical profession and will be governed by a common set of professional ethics, regulations and association etc.
All members will be able to foster partnerships and provide all services at one place, this will make small business entities more law compliant at low cost. (However, large business entities can be compelled to appoint separate professionals for different certifications based on some threshold limits).
3 Institutes can be recognized as deemed university & its qualification as equivalent to master degree of an university under UGC Act & professional degree under AICTE Act.
All business entities will get specialized services under different business laws as the need be.
Your opinion and ideas are cordially invited