Now Company Secretaries want to be known as "Chartered"

Recent interview of Preeti Malhotra, President, Institute of Company Secretaries of India (ICSI) in Business Standard.

To the question “Why are you seeking a name change of the institute?”

In the changing international context, our members are destined to play a much larger role in public practice as well as in service.

The executive council of the institute decided that to reflect the ICSI’s changing agenda and image, it should change its name to “The Institute of Chartered Secretaries of India”.

This will also eliminate the dichotomy between its brand name “chartered secretary” propagated through its corporate journal and its formal name The Institute of Company Secretaries of India.

I wonder changing the name by affixing the word “Chartered” would enhance the brand image, then India has around 50 specialised institutions who should not be discriminated. See GOI directory for list of specialised institutions. Presently there is only one institute formed under Act of Parliament of Republic of India that has the word “Chartered” in its name. And now there is another chasing for it.

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Santosh Puthran
Management Accountant Blog

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THREE-DAY GLOBAL SUMMIT ON MANAGEMENT ACCOUNTING IN DELHI ON JAN 10-12

The Minister of Corporate Affairs Shri Prem Chand Gupta will inaugurate the “Global Summit on Management Accounting” on 10th January 2008. This three-day Mega event of Management Accounting bodies across the globe is being organized by the Institute of Cost and Works Accountants of India (ICWAI) at Vigyan Bhawan New Delhi from 10th-12th January 2008. The summit is first of its kind and is expected to create a historical turn in the evolution of the management accounting profession globally.

The Minister of External Affairs Shri Pranab Mukherjee will deliver the Valedictory Address on 12th January 2008.

Deliberations during the Summit would focus on Management Accounting in its new manifestation including the territories of accounting, strategy and management of enterprises. As the management accounting bodies of the Western world has already been witnessing and turning them to such a paradigm, some beginning has to be made to complete the process across the globe among similar bodies. It is with this objective that the Summit is being organised by the ICWAI.

The ICWAI will play the key role as the main host for this Global Summit. Co-hosts include Institute of Cost and Management Accountants of Bangladesh (ICMAB), Institute of Cost and Management Accountants of Pakistan (ICMAP) and the Society of Certified Management Accountants of Sri Lanka (SCMASL). Besides these SAARC bodies, the Summit will have technical partnership with other counterparts from the Western world such as Certified Management Accountants (CMA), Canada, Certified Institute of Management Accountants (CIMA), UK and the Institute of Management Accountants (IMA), USA. Around 1200 delegates are expected to participate in the programme out of which about 200 would be foreign delegates.

A special feature of the Summit is a round-table conference of the heads of all these Accounting bodies on the sidelines of the Summit to evolve a global strategy for repositioning the management accounting profession.

The Institute of Cost and Works Accountants of India (ICWAI) was set up by an Act of Parliament i.e., the Cost and Works Accountants Act, 1959. ICWAI is now bracing itself to a new leadership role in the global scenario.

The event holds a special significance to the Indian economy as it is surging forward at a high growth rate with many business enterprises and institutions spreading their wings and taking on a global role encouraged by the environment and the motivation provided by the present Government.

Click here to read more on Press Information Bureau Website

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Santosh Puthran

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Should ICWAI have TTP scheme for its students

There is a news item on Accountancy Age on 31-Dec-2007

“Tesco Ireland and Hibernian are the two latest companies to joint the Institute of Chartered Accountants in Ireland (ICAI) employer partnership scheme.

The employer partnership scheme’s objective is to promote best practice in learning and development by working with employers to help chartered accountants employed in their businesses fulfill their CPD requirements.” Click here to read more

I feel that ICWAI should have tie ups with the employers in India, so that students pursing Cost & Management Accountancy will be focussed in this direction. Similarly the profession will get a boost since there will be a partnership by ICWAI with the industry. The career path of management accountants will be guided to rise in the corporate ladder.

Vote on the poll and share your thoughts

Opinion Polls & Market Research

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Regards,

Santosh Puthran

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Filed under: Accounting Bodies, CMA, Cost Accounting, ICWAI, Management Accounting

Top priority to power – ICWAI in news

Top priority to power

External affairs minister Pranab Mukherjee (right) with Pawan Kumar Ruia, chairman of the Ruia group, in Calcutta on Saturday. (PTI) A staff reporter Calcutta, Dec. 22: Adequate power generation is key to economic growth, external affairs minister Pranab Mukherjee said today. “We cannot have high economic growth without adequate energy generation. The country currently generates 1,28,000MW of electricity. This is inadequate as a large section of our population still does not get electricity,” Mukherjee said while addressing a seminar organised by the Institute of Cost and Works Accountants of India (ICWAI). Backing the nuclear deal with the US, Mukherjee said the agreement is crucial to meet India’s energy need. “We must look at the civil use of nuclear energy as an alternative source,” he added. Indicating an imminent hike in fuel prices, Mukherjee said, “When the UPA government came to power, we used to import crude oil at a price between $36 and $40 a barrel from the international market. Now the price is near $100 a barrel. “We cannot bear price shocks for indefinite period without affecting the economy,” Mukherjee, who heads a group of ministers on oil pricing, said. Source : Telegraph India Regards, Santosh Puthran Did you like the post ? Subscribe to Management Accountant by Email You may also like to read ICWAI vs CIMA Cost Audit Awareness in India

Filed under: Accounting Bodies, News Makers

Choosing an Accountancy qualification

The visitors to the MA blog have search words CA vs CIMA, ICWAI vs CIMA, ACCA vs CA, CPA vs ACCA. It is just like chasing a squirrel.

So I searched on the internet to analyse whether British Qualification is better than American counter. The idea was to analyse how much leverage an accounting qualification gives when you want to make your career globally.

As per ICAA (Australian Chartered Accountants) website,

Approved Overseas Accounting Bodies
The Institute of Chartered Accountants in Australia (the Institute) has reciprocity agreements with the following overseas accounting bodies:

• The Institute of Chartered Accountants in England & Wales
• The Institute of Chartered Accountants of Scotland
• The Institute of Chartered Accountants in Ireland.
• Canadian Institute of Chartered Accountants
• A legally constituted State Authority in the United States of America (the person having
  CPA status) subject to appropriate service. Also having a Licence to Practice in the state of issue.
• The South African Institute of Chartered Accountants
• The New Zealand Institute of Chartered Accountants (members of the College of Chartered Accountants)
• Institute of Chartered Accountants of Zimbabwe (admitted after 1, Jan 1996)
• The Hong Kong Institute of Certified Public Accountants (only members who have completed the HKICPA Qualifications Programme and trained under an Authorised Employer/Supervisor).

Partially recognised qualification

The partially recognised overseas accounting bodies are:

• Current members of The Association of Chartered Certified Accountants (ACCA, UK)
• Current members of The Chartered Institute of Management Accountants (CIMA, UK)**refer note
• Current members of The Chartered Institute of Public Finance & Accountancy (CIPFA,UK)
• Current members of The Institute of Chartered Accountants of India
• Current members of The Institute of Chartered Accountants of Zimbabwe (membership obtained before January 1996)

** Note: The Chartered Institute of Management Accountants (CIMA, UK) and the Institute have a strategic alliance. Read the Institute Recognition Policy from CIMA members for further information.

The above information covers the major accounting bodies in the world. The question is which qualification should I pursue. You may try to find answers by raising the right questions:

1. Where do I want to work ? Or in which country I would like to make my career ?
2. Which qualification will allows me to practise in the country ?
3. Which institute helps the members to further their career prospects in the industry ?
4. Which institute has the most influence in the industry ?
5. What you can contribute to the profession ?
6. Which examination route is affordable ?

In my opinion, if you are living in UK/Australia/SA, Canada or US and you have completed your Bachelor’s degree then the first choice would be to pursue the qualification from the Institute of Chartered Accountants of your country of residence or CPA. The reciprocity agreements among the accounting bodies will make your career path smooth.

If you are not a resident of above countries, then you have decide whether you want to make your career abroad. The choice of pursuing the accounting qualification will depend on whether you want to work or practise locally. You have wide variety of choices to make.

Otherwise you should consider the pursuing accounting qualifications in following order:

1. AICPA, US.
2. ICAEW
3. ACCA
4. CIMA
5. ICAA

Of the above, ACCA and CIMA have examination centres in the most of the countries. Otherwise you have to be resident in the country of the above institutes.

It’s your career. Make the right decision…. otherwise you will be chasing the squirrel the whole life.

Regards,

Santosh Puthran

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Audit of self-managed superannuation fund-Australia.

Superannuation industry(supervision)act1993 and its regulation 1994 following is the criteria for audit of accounts:

• Any of the following persons.
• A member of ICAA, ICPAA, NIA.
• A registered company auditor
• A member of the association of taxation and management accountants.
• A member of national taxation agents and accountants association.

Auditor general of the commonwealth.

Posts by RV

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Filed under: Accounting Bodies

ICWAI website – Share your thoughts

I have been visiting the ICWAI website quite often to see any updates and it has been improving a a lot. Last week, Mr Ramesh Joshi, in one of his mails had asked the members to post a feedback about the website. I posted a feedback and to my suprise Mr S C Gupta responded in a day. Nice work office bearers of the institute.

To make our profession effective is in our hands. As we go ahead we should be more demanding with ourselves, our elected representatives and Institute. Today maintaining a effective website that supports our professional developments is the only way to get ahead in the corporate ladder. So feedback to our institute is necessary from time to time. As ICWAI is only Cost & Management Accountancy body in India, the hits to the website by the general public is tremendous. So why not captalise on it.

I liked the following sections on the website

1. Practising Members Directory: I feel that Institute should have encourage the practising members to have their website. It is a must in today’s world. Any one visiting ICWAI website and then short listing any firm should be able to know about the profile of firm on the looking at the website.
2. Knowledge Bank: This section is very good. However it needs to be better organised.
3. Resources / Downloads: Resources/Downloads should be combined with Knowledge Bank since they both are similar.
4. Code of Ethics: This is a must on the ICWAI website and it is there. This should be in html format instead of download.
5. Job Opportunities : This section needs a lot of improvement. The Jobs available should have a mailing alerts for those members who subscribe to it. So any new jobs posted, members should get a notification. Then they can apply for a suitable job. The employers will be happy when they get responses.
6. ICWAI Act/Rules : I am very happy to see this information in an electronic form. I feel this should be available on About Institute Page instead of being on the drop down list on the Members Page.

The areas that I feel needs improvement or foresight is

1. President’s Message: ICWAI should be the first to have video messages on the website. President’s message should be available as a video message on the website, so that members and students can see him talking. (Of course recorded video message).
2. Continuous Professional Development (CPD): CPD courses should be available online followed by multiple choice questions to answer. This will ensure that members are completing their CPD requirements.
3. IT infrastructure: ICWAI should improve the IT infrastructure and have a call center to answer all the queries from students and members. The first level queries should be address by the call centre. To have Regional Offices to answer the questions is now an outdated approach and expensive.
4. RSS Feeds: Most of the websites are having RSS feeds. Even MA Blog has one. Subscribing to the feed will help you to remain updated regarding new developments on the website. ICWAI site should have one.
5. Email ids: All the employees/office bearers should have a proper email ids and not vsnl.in or gmail.com etc. This does not show institute in good light.
6. Management Accountant Journal: The journal needs a lot of improvement and it is B/W for so many years. The internet edition should be glossy, since there is no additional cost for printing. In order to save costs, Institute may have an option for members to opt out of the printed edition.
7. Regional Office/Chapter Office websites should form part of ICWAI website. This should be as a sub-domain for main website e.g. http://wirc.myicwai.com and not an independent website.

Please vote in the Poll. click here

Last but not the least, please critically appraise ICWAI website. You may post your comments on the blog and share it with other. If required, I volunteer to consolidate your comments and send it to ICWAI for their consideration.

Regards,

Santosh Puthran

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ICAEW launches new group in response to increasing demand for non executive directors

The Institute of Chartered Accountants in England and Wales (ICAEW) has launched a new special interest group to support non-executive directors.

Demand for, and expectations of, non-executive directors is growing. They have an increasingly important role to play, with responsibility for corporate governance and providing strategic advice for organisations in every sector. Click here to read more

I believe that ICAEW focus is very strategic. Being one of the top accounting body in UK, their members are placed at high places given the fact there are 4 other sister accounting bodies.

As you may read from the article “This new group will train and support members so that they are able to work effectively as non-executive directors to challenge decisions, provide strategic advice and contribute to the success of their organisation.”

Being Management Accountants, I believe we should network ourselves effectively and share knowledge and opportunities. Read how Lion’s Club expanded.

Regards,

Santosh Puthran
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ICAEW qualification in Middle East

News from Dubai: The Institute of Chartered Accountants in England & Wales (ICAEW) has today announced the launch of the internationally recognised Associate Chartered Accountant (ACA) qualification in the Gulf. The launch comes at an important time for the region which is experiencing rapid growth as a global financial centre.

Click here to read more

ICAEW wants to catch with its counterparts ACCA/CIMA and keep its membership base across the world.

They are luring the members of ACCA, CIMA or CIPFA through a route – Join as a CCAB. ICAEW had been complacent for years and now facing the music as their membership fall. Career opportunities in other fields and ACCA/CIMA offering training route through employment route has taken the charm off for pursuing ACA qualification.

Now ICAEW is aggressively marketing themselves.

Regards,

Santosh Puthran

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Stumbled upon – Chartered video

Recently ICAI, India had launched a video campaign to promote the qualification and get students. I stumbled upon the ads of Chartered Accountants Australia. Sharing the ad on the blog.

Then I stumbled on another ad from ICAI, Ireland. Themes look similar.

I was trying to find the commercial of our very own so called “Chartered” body but could not find it. Can someone find it on the internet. Let’s see how they compare with – which qualification is more desirable.

Last but not the least… it is summarised quite well on Accountancy Ireland

Why do professional accountancy bodies advertise?

The answer is relatively simple: one of the features that distinguishes the accountancy profession from other professions is the level of competition that operates within the sector. While other professions have been the subject of examination of late by the Competition Authority, the accountancy profession has not featured. This is hardly surprising: there are now nine prescribed (not proscribed!) bodies under Irish Company Law regulated by the Irish Auditing and Accounting Supervisory Authority. The accounting environment is entirely different to that operating in the legal profession. Therefore there is a need for the different professional bodies to set out their distinct characteristics and to promote their particular brand of accountancy. The ultimate measure of the success and viability of any professional body is its success in securing member satisfaction and recruiting future potential members as students. These bodies are obviously also competing against other business qualifications.

Cheers,

Santosh Puthran

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PS: At Last the 1948 Show – Chartered Accountant Dance

Filed under: Accounting Bodies