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will there be any value of CA if CMAs are also become tax auditor? wont the market crash

06 September 2019

will there be any value of CA if CMAs are also become tax auditor? wont the market crash as there will be double no of professionals in the same field?

Will ICAI have any value regarding maintaining strict Pass percentage? wont it better to do Cma?

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193906 Points)
Replied 06 September 2019

Question is Who has restricted you.... from pursuing CMA???

If you pass out CA, you will get confidence to stand in such situation, after all its all about increase in competition.......

There is no way to think negative for any situation, if you have confidence in yourself; which off course you earn during the studies.......

Reservation of any particular service for any particular academic course is not fair in free atmosphere ...

Have faith .... Good Luck... You are not alone...

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Hridoy Deka (163 Points)
Replied 06 September 2019

Sir, u r right in certain aspects. but my querry is,if market is opened for every professional ,then how will someone justify ICAI's action of maintaining pass percentage. Everyone knows CMA course is relatively easy than CA. though the syllabus is almost same, questions asked in CA exam are much tougher and indepth knowledge is reqd. CMA is tough in respect of costing sbjct. if tomorrow both CA and CMA are considered equivalent based on degrees ,what will be the value of each course. Tomorrow a CA will also demand that he should be allowed to do Cost Audit us 148 .An advocate will also come.tomorrow they will demad that they can do Co audit as they have studied law. Sir,knowledge can be acquired by anybody but how will we judge him? there must be some parameters. thats why we have degrees.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193906 Points)
Replied 07 September 2019

Though the point has been discussed much in length at various occasions, but main reason behind it is, and will always remain is, the monopoly of ICAI in auditing and its inability to curb the frauds like Satyam, P&B etc...

For new comers there will be more options to choose any course based on its cost and outcomes...

Finally, it is said that..... more the competition, better overall efficiency...

Good Luck...

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Hridoy Deka (163 Points)
Replied 07 September 2019

I agree with you Sir. But sir dont you think by allowing CMA to do tax audit will be just like ENT surgeon doing Brain surgery. Competetion is required but when there will be double no of professionals in the same field,it will lead to cut throat competetion. The standard that ICAI is looking in an auditor will be lost. Because other instituitions will be producing professionals at less effort.
Somehow at a point of time,there will be no requirement of 2 separate intitutiins. Both would be merged and students will be asked to choose a major subject in costing or in Company Audit. other subjects will be same.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193906 Points)
Replied 07 September 2019

"But don't you think by allowing CMA to do tax audit will be just like ENT surgeon doing Brain surgery."

Not always; and when standards are fixed by institutes, it can reduce the gap.

"Competetion is required but when there will be double no of professionals in the same field,it will lead to cut throat competetion. The standard that ICAI is looking in an auditor will be lost."

Just an assumption; it had already lost its standard by frauds as reported earlier, due to some of its members. May be due to competition it will regain its sharpness.

"Because other institutions will be producing professionals at less effort.Somehow at a point of time,there will be no requirement of 2 separate institutions. Both would be merged and students will be asked to choose a major subject in costing or in Company Audit."

Merging the institutes will be reversal of its creation, so that will never happen. Main aim is to break the monopoly.

Finally, nothing is in our hands, or even with ICAI; but to accept the situation, and groom for the eventuality.

Good Luck.

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Hridoy Deka (163 Points)
Replied 07 September 2019

thank you sir for your concern

K.chandrasekaran (Partner) (210 Points)
Replied 25 September 2019

All have liberties to fight and conventions and values are lost .It is kaliyug and any thing will be considered as right.A professional has to do a good job and maintain values and that alone will remain for ever