Whats in a name? CA lobby not letting ICWAI change

Trouble seems to be brewing between the apex accounting body of chartered accountants,the Indian Chartered Accountants Institute (ICAI) and the Institute of Costs and Works accountants of India (ICWAI)....

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Trouble seems to be brewing between the apex accounting body of chartered accountants,the Indian Chartered Accountants Institute (ICAI) and the Institute of Costs and Works accountants of India (ICWAI). The ICAI has declared an open war against the proposal of name change of ICWAI to Institute of Costs and Management Accountants of India (ICMAI).

In a meeting called by the Parliamentary Standing Committee on finance recently,the ICAI opposed the ICWAIs move to change the name on the grounds that the name change would create confusion among the industry people and common man.

Further,ICAI has raised the issue in its August journal as well. It says: It is pertinent to mention that the Cost and Works Accountants (Amendment) Bill,2010,contained a proposal regarding change of its name from the ICWAI to the ICMAI. We have expressed our concerns over the proposal for change of name of ICWAI to ICMAI. We are following up on the matter.

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Even after over 40 years of repeated efforts to change the name of the institute to bring it on a par with other similar bodies across the world,the ICWAI has been unable to do so due to the strong lobby of chartered accountants,an official source from the institute of cost and work accountants told The Indian Express.

Across the globe,the word management has replaced works in the name of the institute,he said. All the same,the ICAI argues that the name change will not only create confusion but also place chartered accountants at a disadvantageous position because it will create a misconception among industry people regarding the work done CAs and CWAs.