The differences between the professional bodies of chartered accountants and cost accountants could delay the amendments to their respective acts, which are necessary for setting up of big and multi-functional professional firms in the country.
The Institute of Chartered Accountants of India, or ICAI, has opposed one of the clauses of the amendment that has mooted a change in the name of cost accountants body to Institute of Cost and Management Accountants of India.
The ICAI has argued that the bulk of the management accounting work is done by the chartered accountants, so addition of the word ‘Management’ to the Institute of Cost and Works Accountants of India, or ICWAI, is misleading and should not be allowed.
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