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MOU With CIMA ICWAI a historic agreement

Posted in CIMA, ICAI, ICWAI, Management Accountant on January 17, 2009| 1 Comment »

CIMA has signed an “historic” agreement with the Institute of Cost and Works Accountants of India (ICWAI) on 12-Jan-09.

This agreement will serve to both strengthen the professional accounting links between two of the world’s leading economies and provide highly skilled professional accountants for the global labour market enabling both institutes to work together to enhance recognition of the profession and their professional bodies.

Glynn Lowth, President of CIMA, explained that the agreement will strengthen links between the British and Indian economies, as well as creating highly-skilled accountants.

ICWAI members Accelerated Route to CIMA Membership

Members and passed finalists of the Institute of Cost and Works Accountants of India (ICWAI) who have completed the ICWAI Final Examination are eligible for exemptions from all CIMA’s certificate and managerial level exams. There are 11 exemptions in total.

CIMA Professional Gateway Assessment Examination

Candidates must pass the CIMA Professional Gateway Assessment (CPGA) Examination before they are eligible to begin studying for CIMA’s strategic level exams.

The examination is three hours long and consists of :

* three compulsory questions worth 25 marks each
* a series of objective test questions worth a total of 25 marks.

A student must score at least 50 marks to pass the examination.

The first sitting of the CPGA Examination will take place on 20 May 2009 at regular CIMA exam centres in India. More details about enrolling for the examination will be available when CIMA exam entry opens on 2 February 2009. Click here for details.

CIMA members Accelerated Route to ICWAI membership

CIMA passed finalist and members will also have a fast track route to ICWAI membership. Details on ICWAI website.

Two years back both the institutes were in loggerhead about CIMA conducting examinations in India. I had posed a question on the Management Accountant Blog “Does CIMA add value to ICWAI member” ? The opinion poll was majority “Yes” whereas I had a different opinion. My opinion is still remains the same.

Does the MOU benefit ICWAI member to gain membership to CIMA ? The answer is Yes.

  • ICWAI passed finalist and members has now most number of exemptions with CIMA as compared to any other accounting body. This was not the case earlier.
  • They will not be required to pay exemption fees for the eleven exempted papers. The student registration fee and annual subscription fee are the same as for all CIMA students.
  • CIMA membership is widely recognised in the world. So one does have to do any explaining about your qualification.

The passed finalist and graduate of ICWAI will have to apply for membership of ICWAI. Then they will be able to gain membership of CIMA under the MOU. So members of ICWAI is going to increase and the institute has to provide improved services to its members.

Looking at MOU between ICWAI – CIMA, CIMA website does not seem have details on how a CIMA member would become member of ICWAI. Their focus is working with business rather than practise accountancy in India.

The entry requirement will prompt ICWAI members to go for CIMA qualification which in long run would increase membership of CIMA. A growing membership will fund CIMA to promote itself and influence the business in the long run through its members.

On November 20, 2008, ICAI signed a MOU with ICAEW, UK and terms of agreements are more favourable to ICAEW, UK. The entry requirement for ICAI members are more stringent and expensive ( £1,990 to start with). ICAEW, UK member has an easier route to become a member of ICAI and start practice in India.

Recent controversy on Satyam has taken ICAI off guard. The statements in the press by ICAI President is very surprising.

According to Hindu Businessline

The ICAI President, Mr Ved Jain, said, “KPMG cannot be an auditor for Satyam as it is not registered with ICAI. It is not subject to the code of conduct prescribed for CAs. They are also not subject to disciplinary proceedings.”

He said ICAI will take up the issue of KPMG with Satyam and also the Government. On Price Waterhouse, he noted that ICAI could issue a notice in the wake of the Satyam fiasco as it was registered with ICAI, but in the case of KPMG, it could not do anything. A KPMG spokesperson said, “We are working with the board of Satyam. The scope of work and terms of reference are being discussed.”

When contacted by Economic Times, a KPMG spokesperson said: “We are working with the new board of Satyam Computers. The scope of work and terms of reference are being discussed with a view to their finalisation . It is our understanding that the scope of work to be finalised is not reserved for chartered accountants registered with the ICAI.”

President should have gathered facts first before making statements in the press. And in any case, the Companies Act is very specific on who can be appointed as an Auditor of the company. Read the comments of Readers of ET.

So you have to watch the space on MOU of ICAI-ICAEW . Whether ICAEW members will pursue ICAI membership for a slice of share in accountancy practise in India.

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New Year Resolution 2009

Posted in ACCA, CIMA, I T, ICAI, ICSI, ICWAI, Management Accountant on January 11, 2009| 3 Comments »

I was reviewing my New Year resolution for the year 2008 and  taking stock of whether I have achieved of what I thought in 2008. My focus last year was on networking management accountants across the globe and also make them known in the industry.

With help, advise and efforts of active management accountants, we were able to achieve the following:
  1. CMA India Portal: The CMA Portal was given the final shape with the efforts of CMA B V Prabhakar, RV, Ramesh Joshi, Devarajan, Ashutosh and many more. Today the portal has 770 members which includes members from other profession and business. The focus of the portal has been quality discussions and actions, particularly discussing business events in India and globe. The members who are active are likely to be known in the accounting fraternity. Readers will be benefitted from the discussions.
  2. CMA India Portal on Linkedin: This was suggested by CMA Devarajan so that we would be able to connect to other professionals. A profile on linkedin is a passport for networking. and ideal substitute for a website. I would suggest you create your profile on linkedin and join CMA India Portal Linkedin. Today the membership is 29 and will definitely grow. This will ensure that you are always connected with us some way or other.
  3. Management Accountant Blog: The blog moved on to it own domain http://www.managementaccountant.in and I have a personalised email id associated with the domain name. The alexa ranking today is 678,162. I will strive for ranking around 100,000 which is an indicator of how the blog is ranked in the search engine results. I will look forward to your support to use various social networking tools like digg, stumbleupon or yahoo buzz on the articles posted.

Being a member of ICWAI, I am proud to say ICWAI has achieved a lot in the last year. Some of them are

  1. Number of seminars hosted by ICWAI has increased and this should bring our institute closer with the industry,  members and other stakeholders.
  2. ICWAI website has been improved a lot. Few suggestions I have made are implemented. I would sending them suggestions on a regular basis.
  3. ICWAI signs MOU with CIMA, UK: This is a good indicator of qualification going global. The MOU will definitely help to the members to work globally without being to explain everytime who they are. This agreement will serve to both strengthen the professional accounting links between two of the world’s leading economies and provide highly skilled professional accountants for the global labour market enabling both institutes to work together to enhance recognition of the profession and their professional bodies.

My New Year Resolution 2009

  1. iPhone and look alikes: The reason iPhone/iPod is a marketing success is because it does what you want with the touch on its screen. It is user friendly, innovative and people like it because of positive experience using it. I would be focussing on articles that will bring you more closer to business.
  2. Business and Social Networking: This resolution will continue. My efforts will be to connect all the management accountants with the business. The objective is the management accountants should be the first choice for the business.
  3. New Technologies on the internet: It is said, one who controls the technology ,controls the world. Romans dominated the world because they built roads, British dominated because they built ships and Americans dominate the world as they have advanced technology on weapons. Management Accountant of today has to follow a similar route in  the workplace. This will include in depth knowledge on ERP solution, Business Processes, Office applications and usage of tools on the internet to gain knowledge and provide solutions to the business . E.g. Social networking sites Twitter, Facebook and linkedin were considered to be joke on the internet when they started. They are now  a disruptive technologies which are very popular. Join me on Twitter . Use add-on on your Firefox browser to keep in tune with the latest. I will be focussing on some of the technologies on the internet.

Just as last year, please post your comments and views.

Wish You and Your Family a Very Happy and Prosperous New Year 2009

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Accounting Technician Course launched by ICAI and ICWAI

Posted in ICAI, ICWAI, Management Accountant on December 10, 2008| Leave a Comment »

The Institute of Chartered Accountants of India (ICAI) has launched Accounting Technician Certificate Course in India on Dec 10, 2008. Similarly ICWAI has launched its own course.

The publicity in the press about the Accounting Technician Course by ICAI.

Business Standard Dec 9, 2008

The institute of chartered accountants of India (ICAI), to fulfill the demand for trained accounting professionals and to support chartered accountants (CAs), is launching a new course for the second tier accountants or the accounting technicians.

India Edu News Dec 10, 2008

The Accounting Technicians would not only fill the gaps at the operational level, but would also ensure that the value chain in the accounting process does not suffer.

With the launch of this course, students who have enrolled for the CA course, but for some reasons are not able to complete the course would have an option of becoming an Accounting Technician.

However at the same time, there is a scope for them to acquire CA qualification even after qualifying the Accounting Technician Course.

That’s the positive side of the news.

Read further….

“People who have qualified intermediate exams and have completed three to five years of articleship, but couldn’t become CAs would be eligible for this one year course.”

“With the launch of this course, students who have enrolled for the CA course, but for some reasons are not able to complete the course would have an option of becoming an Accounting Technician.

However at the same time, there is a scope for them to acquire CA qualification even after qualifying the Accounting Technician Course.”

Check the application form on the ICAI website

This is to inform that as per amendment carried to the regulations vide notification dt 3rd December,2008 all such students who have passed either PE-II or Intermediate Exam and has completed the article training are eligible for grant of Accounting Technician Certificate on making an application . Accordingly all such eligible person are requested to make such application.

I believe it is an unethical way to convert the students who did not pass the flagship courses of ICAI to become a Accounting Technician. When anyone starts pursuing a professional qualification, he/she aspires to become a professional accountant. If he does not pass the exams, then this does not make him/her eligible to become a technician. A backward progression !!!

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What is the value of a certificate course in comparision to a University degree ?

How CAT Technician progresses to become ACCA qualified Accountant in UK ?

“Whether you wish to start a career in finance, gain recognition for the wealth of skills and experience you have already achieved, or want accelerated progression to the ACCA Qualification and a more senior position in accountancy, ACCA’s Certified Accounting Technician (CAT) qualification will help you towards your career of choice.” Details here.

“Once you have completed all of the Certified Accounting Technician exams, you will automatically be transferred onto the ACCA Qualification and be awarded exemptions from the Part 1 papers 1.1–1.3 of the current syllabus (examined up until June 2007) or Papers F1–F3 on the new syllabus (examined from December 2007), unless you indicated on your registration form that you did not wish this transfer to be effected.” Details here

No such exemptions is spelt out for those who pass as Accounting Technician and want to pursue further professional qualification like CA or ICWA in India. This clearly indicates that such courses are beneficial more to the Institutes rather than students.

Ramesh Joshi, Practising Cost Accountant says

“ICAI has its core competency in Financial Accounting. Their efforts are it is heard, more with the objective to ensure “Articled Students” for practicing CAs. they are finding it difficult to get them. That is the reason they also lowered their entry level……… And all said and done, it is in their own core competency area…….. In ICAI we don’t hear the financial gain as a major factor, for them it is more in the nature of supporting their Members in Practice.”

British Airways Club World

I agree with views of Ramesh Joshi.

Just look at the stipend an articled clerk gets for three years of articleship. A guess – 90% will never become a Chartered Accountant. ( I have never seen ICAI publish the exam passing rates on the website or their journal – a case of non disclosure. A hearsay the pass percentage is 2 %).

Regards,

Santosh Puthran

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ICAI signs MOU with ICAEW UK

Posted in ICAEW, ICAI on November 27, 2008| Leave a Comment »

The ICAEW has Thursday 20 November signed a memorandum of understanding (MoU) with the Institute of Chartered Accountants in India (ICAI) which will establish closer working relations between the two bodies as well as new recognition arrangements for members.

CA. Ved Jain, President ICAI in his address remarked “This is a historic and a momentous occasion for the members of the ICAI and ICAEW. These are two largest accounting bodies with membership of over 150,000 & 130,000 respectively. The two Institutes have been following highest standards of professional education, training, technical & ethical standards. At this point of time, seeing the need of the hour, we have to make our profession recognized globally. The MoU entails coming together of two largest Accounting bodies working in tandem with each other to provide a synergy. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and United Kingdom (U.K.). Our mission is to make the next decade for accounting professionals. We look forward to working closely with each other and to collaborate further in the field of research & accounting.”

Upgrade to Club Europe

Commenting on the signing of the MoU, Michael Izza, ICAEW chief executive said:

“India has emerged as a significant player in the global economy. As a result of this agreement, members of the ICAEW will be able to work as chartered accountants within India. We also look forward to welcoming ICAI members to the ICAEW. Removing barriers for our members across markets through agreements such as this is an important part of our international strategy.”

Minimum Entry Requirements for ICAI member to join ICAEW

Members of the ICAI who have obtained membership by complying with its training and examinations requirements can become a member of the ICAEW. You must maintain ICAI membership to be eligible for ICAEW membership, and comply with our CPD obligations and Code of Ethics.

ICAI members must complete the ICAEW’s Technical Integration Business Reporting and Technical Integration Business Change papers, Case Study and Structured Training in Ethics programme.

If you have two years of appropriate work experience, you will not need to take the Technical Integration papers. Click here for details.

Route for ICAEW member to become member of ICAI

On the other hand, members of ICAEW who are trained in public practice will become eligible for ICAI membership subject to passing ICAI’s 4 no.s of examination papers for the special modules – Taxation; Law, Ethics & Communication; Information Technology & Strategic Management; and Auditing &Assurance. Click here for more details


Practice certificate

ICAEW practice certificate

Members of the ICAI who join the ICAEW will be eligible for an ICAEW practicing certificate on the same basis as ICAEW members.

General practice rights in India

Similarly, members of the ICAEW who join the ICAI will have general practice rights, excluding audit rights in India.


Professional Oversight Board

As part of the agreement, the ICAEW has also agreed to assist the ICAI in any representations made to the Professional Oversight Board to grant UK audit rights to ICAI members.

Which Qualification is Expensive ?

The entry requirement for an ICAI member to ICAEW, UK is very stringent and expensive as compared to other way round. See Applying for Credit for prior learning.

Also read below

Enjoy Christmas in London or Manchester from just £98 per room per night!

Post qualification experience (work experience)

Your two years’ post qualification experience must be certified by your current (and if appropriate, past) employer as meeting the learning outcomes of the ICAEW’s Technical Integration Business Change and Technical Integration Business Reporting papers.

Alibris, Inc.

Learning outcomes

To assess this, please review the learning outcomes. If you are employed, you will need to ask your employer to review these documents before signing the declaration.

Free delivery on any order over £20 at AVON Cosmetics.
Simply enter LS at the checkout.

Sole practitioners

ICAI members who are sole practitioners may self-certify that their post-qualification experience meets the aims and learning outcomes of these papers.

Cost of credit for prior learning

  • If sitting the ICAEW Advanced Stage Technical Integration papers £ 840.00
  • If applying for credit for ICAEW Advanced Stage Technical Integration papers £1,150.00

ICAI norms for ICAEW members entry are very easy since ICAI accepts the standards of ICAEW membership. ICAEW member has to pass 4 papers in ICAI examination. See details. Surprising ICAI has mentioned that the applicants have to register with Northern Region of ICAI instead HQ (Is ICAI process dependent or Region dependent !!!). So ICAEW members can gain the membership of ICAI quickly and start practising in India.

Setting apart the entry requirements, I feel, signing of MOU is a good sign of progress by an Indian Accounting body. The standards of ICAI are bound to improve in course of time and also other Indian institutions will follow suit in pursing an alliance or MOU or MRA with overseas bodies.

Type your text here

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document.write(‘‘);

Who benefits the most of MOU ?

The party that would be benefited the most would be the one that has a larger business interest. The top 4 accounting firms, 3 are from UK and they have a strong presence in India.

With the MOU between the two accounting bodies, the qualifications of ICAEW members has become easily portable and partners of UK based firms in India will be on the register of ICAI. I do not feel that there are currently Indian Accounting firms in the UK and it would take years to build the presence, given the fact that Big 4 are dominating the world.

I wish good luck to members of ICAI and ICAEW to gain membership of each other accounting bodies and make the most of it.


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SAP Store, UK


Visit MA Stores ? You will find something you are looking for ….


You may also like to read

  1. MOU With CIMA ICWAI a historic agreement
  2. How to overcome resistance to change
  3. Tata Group and ICAEW offer the ACA in India
  4. ICAEW launches a new qualification
  5. Does IT strategy of your company influence your career
  6. Choosing an Accountancy Qualification
  7. Ethics on ACCA website 11-Feb-2008
  8. Combined of Corporate Governance UK 20-April-08
  9. ICWAI Code of Ethics
  10. Professional Body 28-April-07
  11. Accountancy Profession in India 22-May-08
  12. Membership of Accounting Body – Value Proposition 20-Mar-08
  13. The Audit Cartel – Prem Sikka in Guardian 06- June-08
  14. Profession v/s Professionalism
  15. Accounting Technician course in India
  16. CMA 2.0 Portal Launched
  17. How to Share Blog posts with friends 25-May-08
  18. Management Accountant Blog Home

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ICAI signs MOU with ICAEW, UK

Posted in ICAEW, ICAI on November 27, 2008| Leave a Comment »

The ICAEW has Thursday 20 November signed a memorandum of understanding (MoU) with the Institute of Chartered Accountants in India (ICAI) which will establish closer working relations between the two bodies as well as new recognition arrangements for members.

CA. Ved Jain, President ICAI in his address remarked “This is a historic and a momentous occasion for the members of the ICAI and ICAEW. These are two largest accounting bodies with membership of over 150,000 & 130,000 respectively. The two Institutes have been following highest standards of professional education, training, technical & ethical standards. At this point of time, seeing the need of the hour, we have to make our profession recognized globally. The MoU entails coming together of two largest Accounting bodies working in tandem with each other to provide a synergy. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and United Kingdom (U.K.). Our mission is to make the next decade for accounting professionals. We look forward to working closely with each other and to collaborate further in the field of research & accounting.”

Upgrade to Club Europe

Commenting on the signing of the MoU, Michael Izza, ICAEW chief executive said:

“India has emerged as a significant player in the global economy. As a result of this agreement, members of the ICAEW will be able to work as chartered accountants within India. We also look forward to welcoming ICAI members to the ICAEW. Removing barriers for our members across markets through agreements such as this is an important part of our international strategy.”

Minimum Entry Requirements for ICAI member to join ICAEW

Members of the ICAI who have obtained membership by complying with its training and examinations requirements can become a member of the ICAEW. You must maintain ICAI membership to be eligible for ICAEW membership, and comply with our CPD obligations and Code of Ethics.

ICAI members must complete the ICAEW’s Technical Integration Business Reporting and Technical Integration Business Change papers, Case Study and Structured Training in Ethics programme.

If you have two years of appropriate work experience, you will not need to take the Technical Integration papers. Click here for details.

Route for ICAEW member to become member of ICAI

On the other hand, members of ICAEW who are trained in public practice will become eligible for ICAI membership subject to passing ICAI’s 4 no.s of examination papers for the special modules – Taxation; Law, Ethics & Communication; Information Technology & Strategic Management; and Auditing &Assurance. Click here for more details


Practice certificate

ICAEW practice certificate

Members of the ICAI who join the ICAEW will be eligible for an ICAEW practicing certificate on the same basis as ICAEW members.

General practice rights in India

Similarly, members of the ICAEW who join the ICAI will have general practice rights, excluding audit rights in India.


Professional Oversight Board

As part of the agreement, the ICAEW has also agreed to assist the ICAI in any representations made to the Professional Oversight Board to grant UK audit rights to ICAI members.

Which Qualification is Expensive ?

The entry requirement for an ICAI member to ICAEW, UK is very stringent and expensive as compared to other way round. See Applying for Credit for prior learning.

Also read below

Enjoy Christmas in London or Manchester from just £98 per room per night!

Post qualification experience (work experience)

Your two years’ post qualification experience must be certified by your current (and if appropriate, past) employer as meeting the learning outcomes of the ICAEW’s Technical Integration Business Change and Technical Integration Business Reporting papers.

Alibris, Inc.

Learning outcomes

To assess this, please review the learning outcomes. If you are employed, you will need to ask your employer to review these documents before signing the declaration.

Free delivery on any order over £20 at AVON Cosmetics.
Simply enter LS at the checkout.

Sole practitioners

ICAI members who are sole practitioners may self-certify that their post-qualification experience meets the aims and learning outcomes of these papers.

Cost of credit for prior learning

  • If sitting the ICAEW Advanced Stage Technical Integration papers £ 840.00
  • If applying for credit for ICAEW Advanced Stage Technical Integration papers £1,150.00

ICAI norms for ICAEW members entry are very easy since ICAI accepts the standards of ICAEW membership. ICAEW member has to pass 4 papers in ICAI examination. See details. Surprising ICAI has mentioned that the applicants have to register with Northern Region of ICAI instead HQ (Is ICAI process dependent or Region dependent !!!). So ICAEW members can gain the membership of ICAI quickly and start practising in India.

Setting apart the entry requirements, I feel, signing of MOU is a good sign of progress by an Indian Accounting body. The standards of ICAI are bound to improve in course of time and also other Indian institutions will follow suit in pursing an alliance or MOU or MRA with overseas bodies.

Type your text here

var uri = ‘http://impgb.tradedoubler.com/imp?type(inv)g(15020999)a(1586041)’ + new String (Math.random()).substring (2, 11);
document.write(‘‘);

Who benefits the most of MOU ?

The party that would be benefited the most would be the one that has a larger business interest. The top 4 accounting firms, 3 are from UK and they have a strong presence in India.

With the MOU between the two accounting bodies, the qualifications of ICAEW members has become easily portable and partners of UK based firms in India will be on the register of ICAI. I do not feel that there are currently Indian Accounting firms in the UK and it would take years to build the presence, given the fact that Big 4 are dominating the world.

I wish good luck to members of ICAI and ICAEW to gain membership of each other accounting bodies and make the most of it.


Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader


SAP Store, UK


Visit MA Stores ? You will find something you are looking for ….


You may also like to read

  1. How to overcome resistance to change
  2. Tata Group and ICAEW offer the ACA in India
  3. ICAEW launches a new qualification
  4. Does IT strategy of your company influence your career
  5. Choosing an Accountancy Qualification
  6. Ethics on ACCA website 11-Feb-2008
  7. Combined of Corporate Governance UK 20-April-08
  8. ICWAI Code of Ethics
  9. Professional Body 28-April-07
  10. Accountancy Profession in India 22-May-08
  11. Membership of Accounting Body – Value Proposition 20-Mar-08
  12. The Audit Cartel – Prem Sikka in Guardian 06- June-08
  13. Profession v/s Professionalism
  14. Accounting Technician course in India
  15. CMA 2.0 Portal Launched
  16. How to Share Blog posts with friends 25-May-08
  17. Management Accountant Blog Home

Read Full Post »

ICAI signs MOU with ICAEW UK

Posted in ICAEW, ICAI on November 27, 2008| Leave a Comment »

The ICAEW has Thursday 20 November signed a memorandum of understanding (MoU) with the Institute of Chartered Accountants in India (ICAI) which will establish closer working relations between the two bodies as well as new recognition arrangements for members.

CA. Ved Jain, President ICAI in his address remarked “This is a historic and a momentous occasion for the members of the ICAI and ICAEW. These are two largest accounting bodies with membership of over 150,000 & 130,000 respectively. The two Institutes have been following highest standards of professional education, training, technical & ethical standards. At this point of time, seeing the need of the hour, we have to make our profession recognized globally. The MoU entails coming together of two largest Accounting bodies working in tandem with each other to provide a synergy. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and United Kingdom (U.K.). Our mission is to make the next decade for accounting professionals. We look forward to working closely with each other and to collaborate further in the field of research & accounting.”

Upgrade to Club Europe

Commenting on the signing of the MoU, Michael Izza, ICAEW chief executive said:

“India has emerged as a significant player in the global economy. As a result of this agreement, members of the ICAEW will be able to work as chartered accountants within India. We also look forward to welcoming ICAI members to the ICAEW. Removing barriers for our members across markets through agreements such as this is an important part of our international strategy.”

Minimum Entry Requirements for ICAI member to join ICAEW

Members of the ICAI who have obtained membership by complying with its training and examinations requirements can become a member of the ICAEW. You must maintain ICAI membership to be eligible for ICAEW membership, and comply with our CPD obligations and Code of Ethics.

ICAI members must complete the ICAEW’s Technical Integration Business Reporting and Technical Integration Business Change papers, Case Study and Structured Training in Ethics programme.

If you have two years of appropriate work experience, you will not need to take the Technical Integration papers. Click here for details.

Route for ICAEW member to become member of ICAI

On the other hand, members of ICAEW who are trained in public practice will become eligible for ICAI membership subject to passing ICAI’s 4 no.s of examination papers for the special modules – Taxation; Law, Ethics & Communication; Information Technology & Strategic Management; and Auditing &Assurance. Click here for more details


Practice certificate

ICAEW practice certificate

Members of the ICAI who join the ICAEW will be eligible for an ICAEW practicing certificate on the same basis as ICAEW members.

General practice rights in India

Similarly, members of the ICAEW who join the ICAI will have general practice rights, excluding audit rights in India.


Professional Oversight Board

As part of the agreement, the ICAEW has also agreed to assist the ICAI in any representations made to the Professional Oversight Board to grant UK audit rights to ICAI members.

Which Qualification is Expensive ?

The entry requirement for an ICAI member to ICAEW, UK is very stringent and expensive as compared to other way round. See Applying for Credit for prior learning.

Also read below

Enjoy Christmas in London or Manchester from just £98 per room per night!

Post qualification experience (work experience)

Your two years’ post qualification experience must be certified by your current (and if appropriate, past) employer as meeting the learning outcomes of the ICAEW’s Technical Integration Business Change and Technical Integration Business Reporting papers.

Alibris, Inc.

Learning outcomes

To assess this, please review the learning outcomes. If you are employed, you will need to ask your employer to review these documents before signing the declaration.

Free delivery on any order over £20 at AVON Cosmetics.
Simply enter LS at the checkout.

Sole practitioners

ICAI members who are sole practitioners may self-certify that their post-qualification experience meets the aims and learning outcomes of these papers.

Cost of credit for prior learning

  • If sitting the ICAEW Advanced Stage Technical Integration papers £ 840.00
  • If applying for credit for ICAEW Advanced Stage Technical Integration papers £1,150.00

ICAI norms for ICAEW members entry are very easy since ICAI accepts the standards of ICAEW membership. ICAEW member has to pass 4 papers in ICAI examination. See details. Surprising ICAI has mentioned that the applicants have to register with Northern Region of ICAI instead HQ (Is ICAI process dependent or Region dependent !!!). So ICAEW members can gain the membership of ICAI quickly and start practising in India.

Setting apart the entry requirements, I feel, signing of MOU is a good sign of progress by an Indian Accounting body. The standards of ICAI are bound to improve in course of time and also other Indian institutions will follow suit in pursing an alliance or MOU or MRA with overseas bodies.

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Who benefits the most of MOU ?

The party that would be benefited the most would be the one that has a larger business interest. The top 4 accounting firms, 3 are from UK and they have a strong presence in India.

With the MOU between the two accounting bodies, the qualifications of ICAEW members has become easily portable and partners of UK based firms in India will be on the register of ICAI. I do not feel that there are currently Indian Accounting firms in the UK and it would take years to build the presence, given the fact that Big 4 are dominating the world.

I wish good luck to members of ICAI and ICAEW to gain membership of each other accounting bodies and make the most of it.


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Accounting Technician Course in India

Posted in ICAI, ICWAI on July 11, 2008| Leave a Comment »

Recently it is in news that ICAI and ICWAI has made proposals to Ministry of Corporate to start Accounting Technician Course.

According to ICAI website

The need for a suitably qualified accounting technicians is imminent to ensure that value chain in the accounting process does not suffer. The ICAI has technical resources, infrastructure facilities including its own computer labs throughout the country, and a large membership base in the industry as well as in public practice and is, therefore, most suited to launch the much needed accounting technician curriculum.

Although the details are not clear now, there are news in the press from the office bearers of ICAI.

Economic Times 09-July-08 – CA institute to start new course for `Accounting Technician’

Dhiraj Khandelwal, Secretary, ICAI (western region) :

Those wanting to join the course will need to appear for the entrance examination similar to the regular CA course. Students who would complete one year articleship and pass one group will be given the certificate of Accounting Technician.

Economic Times 05-July-08 – A ray of hope for unsuccessful CA candidates

Candidates who could not clear CA finals will just have to appear for 100 hour computer training to get the accounting technician certificate. They will not have to follow the procedures like other students. We are expecting that about one lakh students who could not clear examinations beyond CA inter will now have even better opportunities in the job market,” said ICAI vice president Uttam Agrawal. He added that the institute is expecting to create one lakh accounting technicians as a second rung of skilled manpower to the core accounting professionals in next couple of years.

There is an interesting comparison made by Mohan R Lavi in Hindu Business Newsline on Accounting Technician

The blockbuster growth of Indian accounting software such as Tally has created a separate market for Tally Accountants — a direct threat to the AT. While a B.Com is considered to be only a basic qualification now, an M.Com could also give the proposed ATs a run for their money. Institutes such as the Institute of Certified Financial Analysts of India (ICFAI) which teach students the fundamentals of accounting are possible competitors too.

To me, Accounting Technician course is for those people who have passed 10th

Standard but unable to become a university graduate. With Accounting Technician qualification, they can work in Accountancy firms…. The next progression would to pursue professional accounting qualification like CA or ICWA.

The passouts of Accounting Technician should get exemptions in pursuing CA/ICWA courses. However no word on that.

It looks to be a different story. The officials of ICAI like to promote Accounting Technician qualification to those who are unsuccessful in passing the CA course …. a fall back to become Accounting Technician . They are making a monkey of students pursuing professional qualification. Imagine an analogy… if you are unable to qualify as a doctor, you can become a nurse.

A student pursuing CA qualification will be a university degree holder or becoming a university degree holder and this is better than Accounting Technician Certificate. Why should anyone with a degree devalue himself by gaining an Accounting Technician qualification ?

Accounting Bodies should know whom they want to train as Accounting Technicians. Otherwise it is another way of making money from the exisiting students whose primary aim is to become a professional accountant and not Accounting Technician.

Your thoughts please.

Regards,

Santosh Puthran

PS: Did you know that University Degrees are favorably considered in immigration and work permit application as compared to CA / ICWA qualification. Recent B.com graduates, if you are considering to work globally, please consider to pursue M.com degree (no matter what people say). You will benefit in the long run.

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Accounting Technician Course in India

Posted in ICAI, ICWAI, Management Accountant on July 11, 2008| Leave a Comment »

Recently it is in news that ICAI and ICWAI has made proposals to Ministry of Corporate to start Accounting Technician Course

According to ICAI website

The need for a suitably qualified accounting technicians is imminent to ensure that value chain in the accounting process does not suffer. The ICAI has technical resources, infrastructure facilities including its own computer labs throughout the country, and a large membership base in the industry as well as in public practice and is, therefore, most suited to launch the much needed accounting technician curriculum.

Although the details are not clear now, there are news in the press from the office bearers of ICAI.


Economic Times 09-July-08 – CA institute to start new course for `Accounting Technician’

Dhiraj Khandelwal, Secretary, ICAI (western region) :

Those wanting to join the course will need to appear for the entrance examination similar to the regular CA course. Students who would complete one year articleship and pass one group will be given the certificate of Accounting Technician.


Economic Times 05-July-08 – A ray of hope for unsuccessful CA candidates

Candidates who could not clear CA finals will just have to appear for 100 hour computer training to get the accounting technician certificate. They will not have to follow the procedures like other students. We are expecting that about one lakh students who could not clear examinations beyond CA inter will now have even better opportunities in the job market,” said ICAI vice president Uttam Agrawal. He added that the institute is expecting to create one lakh accounting technicians as a second rung of skilled manpower to the core accounting professionals in next couple of years.

There is an interesting comparison made by Mohan R Lavi in Hindu Business Newsline on Accounting Technician

The blockbuster growth of Indian accounting software such as Tally has created a separate market for Tally Accountants — a direct threat to the AT. While a B.Com is considered to be only a basic qualification now, an M.Com could also give the proposed ATs a run for their money. Institutes such as the Institute of Certified Financial Analysts of India (ICFAI) which teach students the fundamentals of accounting are possible competitors too.

To me, Accounting Technician course is for those people who have passed 10th

Standard but unable to become a university graduate. With Accounting Technician qualification, they can work in Accountancy firms…. The next progression would to pursue professional accounting qualification like CA or ICWA.

The passouts of Accounting Technician should get exemptions in pursuing CA/ICWA courses. However no word on that.

It looks to be a different story. The officials of ICAI like to promote Accounting Technician qualification to those who are unsuccessful in passing the CA course …. a fall back to become Accounting Technician . They are making a monkey of students pursuing professional qualification. Imagine an analogy… if you are unable to qualify as a doctor, you can become a nurse.

A student pursuing CA qualification will be a university degree holder or becoming a university degree holder and this is better than Accounting Technician Certificate. Why should anyone with a degree devalue himself by gaining an Accounting Technician qualification ?

Accounting Bodies should know whom they want to train as Accounting Technicians. Otherwise it is another way of making money from the exisiting students whose primary aim is to become a professional accountant and not Accounting Technician.


Your thoughts please.


Regards,



Santosh Puthran

Accounting Technician Course launched in India on Dec 10 2008 – Post your comments

PS: Did you know that University Degrees are favorably considered in immigration and work permit application as compared to CA / ICWA qualification. Recent B.com graduates, if you are considering to work globally, please consider to pursue M.com degree (no matter what people say). You will benefit in the long run.


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Profession versus Professionalism

Posted in ACCA, CIMA, CMA, ICAEW, ICAI, ICSI, ICWAI on June 29, 2008| Leave a Comment »

I was trying to analyze  the definition of words Profession, Professional Body and Professionalism on www.reference.com.  (These words are interchangeable used when the Accountants discuss among themselves.)

Profession:

A profession is an occupation, vocation or career where specialized knowledge of a subject, field, or science is applied. It is usually applied to occupations that involve prolonged academic training and a formal qualification. It is axiomatic that "professional activity involves systematic knowledge and proficiency." Professions are usually regulated by professional bodies that may set examinations of competence, act as a licensing authority for practitioners, and enforce adherence to an ethical code of practice.

Professional Body:

A professional body or professional organization, also known as a professional association or professional society, is an organization, usually non-profit, that exists to further a particular profession, to protect both the public interest and the interests of professionals. The balance between these two may be a matter of opinion. On the one hand, professional bodies may act to protect the public by maintaining and enforcing standards of training and ethics in their profession. On the other hand, they may also act like a cartel or a labor union (trade union) for the members of the profession, though this description is commonly rejected by the body concerned.

Many professional bodies perform professional certification to indicate a person possesses qualifications in the subject area, and sometimes membership in a professional body is synonymous with certification, but not always. Sometimes membership in a professional body is required for one to be legally able to practice the profession; see licensure.

Professionalism

Oxford Dictionary: the competence or skill expected of a professional.

Graham Ward in IFAC website: Professionalism,  is about individual modes of behaviour that command respect and build trust. It is about excellence in service as measured by recognised standards.It is about delivering services or working to standards that meet the needs of and are expected by our clients.

Such behaviours are indeed a necessary part of belonging to a profession but almost any trade could be described as professional in these terms!

As any of us here knows, what separates the professionalism of members of a professional body from the behaviours of other types of so-named professionals, is the requirement to continually reinforce and demonstrate our professionalism, not merely assert it through a one-off qualification. And it is our membership of a professional body – one which embodies the distinguishing features I have defined – that confers on us the obligation to abide by professional standards and regulation.

It is therefore no longer enough for professions to say to the public ‘you must trust me’, today we must earn that trust and demonstrate: clearly, openly and often, why that trust should be given.
 

Source: Formula One Cars
 

Of the above three words, I had to search a lot on the word "Professionalism" to find a true meaning to suit  accountancy profession. Members of accountancy profession will be normally be expected to take actions that contribute to the public interest.

The Principle of Professional Conduct on AICPA, US website  summarizes Professionalism in a precise manner.

Section 51: These Principles of the Code of Professional Conduct of the American Institute of Certified Public Accountants express the profession’s recognition of its responsibilities to the public, to clients, and to colleagues. They guide members in the performance of their professional responsibilities and express the basic tenets of ethical and professional conduct. The Principles call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage.

Section 52: In carrying out their responsibilities as professionals, members should
exercise sensitive professional and moral judgments in all their activities.

Section 53: Members should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism.

Section 54: To maintain and broaden public confidence, members should perform
all professional responsibilities with the highest sense of integrity.

Section 55: A member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. A member in public practice should be independent in fact and appearance when providing auditing and other attestation services.

Section 56: A member should observe the profession’s technical and ethical standards, strive continually to improve competence and the quality of services, and discharge professional responsibility to the best of the member’s ability.

Section 57: A member in public practice should observe the Principles of the Code of Professional Conduct in determining the scope and nature of services to be provided.

I would like to see your comments and views on this topic. Please feel free to comment on the blog post.

Regards,

 

Santosh Puthran

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You may also like to read

  1. Ethics on ACCA website 11-Feb-2008
  2. Combined of Corporate Governance UK 20-April-08
  3. ICWAI Code of Ethics
  4. 100 Most Influential People in Business Ethics 18-Feb-08
  5. Professional Body 28-April-07
  6. Accountancy Profession in India 22-May-08
  7. Membership of Accounting Body – Value Proposition 20-Mar-08
  8. The Audit Cartel – Prem Sikka in Guardian 06- June-08
  9. How to Share Blog posts with friends 25-May-08
  10. Management Accountant Blog Home

Source: British Superbike Practice
 

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Profession versus Professionalism

Posted in ACCA, CIMA, CMA, ICAEW, ICAI, ICSI, ICWAI, Management Accountant on June 29, 2008| Leave a Comment »

I was trying to analyze the definition of words Profession, Professional Body and Professionalism on www.reference.com. (These words are interchangeable used when the Accountants discuss among themselves.)

Profession:

A profession is an occupation, vocation or career where specialized knowledge of a subject, field, or science is applied. It is usually applied to occupations that involve prolonged academic training and a formal qualification. It is axiomatic that “professional activity involves systematic knowledge and proficiency.” Professions are usually regulated by professional bodies that may set examinations of competence, act as a licensing authority for practitioners, and enforce adherence to an ethical code of practice.


Professional Body:

A professional body or professional organization, also known as a professional association or professional society, is an organization, usually non-profit, that exists to further a particular profession, to protect both the public interest and the interests of professionals. The balance between these two may be a matter of opinion. On the one hand, professional bodies may act to protect the public by maintaining and enforcing standards of training and ethics in their profession. On the other hand, they may also act like a cartel or a labor union (trade union) for the members of the profession, though this description is commonly rejected by the body concerned.

Many professional bodies perform professional certification to indicate a person possesses qualifications in the subject area, and sometimes membership in a professional body is synonymous with certification, but not always. Sometimes membership in a professional body is required for one to be legally able to practice the profession; see licensure.


Professionalism


Oxford Dictionary: the competence or skill expected of a professional.


Graham Ward in IFAC website: Professionalism, is about individual modes of behaviour that command respect and build trust. It is about excellence in service as measured by recognised standards.It is about delivering services or working to standards that meet the needs of and are expected by our clients.

Such behaviours are indeed a necessary part of belonging to a profession but almost any trade could be described as professional in these terms!

As any of us here knows, what separates the professionalism of members of a professional body from the behaviours of other types of so-named professionals, is the requirement to continually reinforce and demonstrate our professionalism, not merely assert it through a one-off qualification. And it is our membership of a professional body – one which embodies the distinguishing features I have defined – that confers on us the obligation to abide by professional standards and regulation.

It is therefore no longer enough for professions to say to the public ‘you must trust me’, today we must earn that trust and demonstrate: clearly, openly and often, why that trust should be given.

Of the above three words, I had to search a lot on the word “Professionalism” to find a true meaning to suit accountancy profession. Members of accountancy profession will be normally be expected to take actions that contribute to the public interest.

The Principle of Professional Conduct on AICPA, US website summarizes Professionalism in a precise manner.


Section 51: These Principles of the Code of Professional Conduct of the American Institute of Certified Public Accountants express the profession’s recognition of its responsibilities to the public, to clients, and to colleagues. They guide members in the performance of their professional responsibilities and express the basic tenets of ethical and professional conduct. The Principles call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage.


Section 52: In carrying out their responsibilities as professionals, members should
exercise sensitive professional and moral judgments in all their activities.


Section 53: Members should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism.


Section 54: To maintain and broaden public confidence, members should perform
all professional responsibilities with the highest sense of integrity.


Section 55: A member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. A member in public practice should be independent in fact and appearance when providing auditing and other attestation services.


Section 56: A member should observe the profession’s technical and ethical standards, strive continually to improve competence and the quality of services, and discharge professional responsibility to the best of the member’s ability.


Section 57: A member in public practice should observe the Principles of the Code of Professional Conduct in determining the scope and nature of services to be provided.

I would like to see your comments and views on this topic. Please feel free to comment on the blog post.

Regards,

Santosh Puthran


Do you like to be updated in Accountancy ?

Click here to get updates by Email in your inbox
Or

Subscribe in a reader

SAP Store, UK

Visit MA Stores ? You will find something you are looking for ….




You may also like to read

  1. Ethics on ACCA website 11-Feb-2008
  2. Combined of Corporate Governance UK 20-April-08
  3. 100 Most Influential People in Business Ethics 18-Feb-08
  4. Professional Body 28-April-07
  5. Accountancy Profession in India 22-May-08
  6. Membership of Accounting Body – Value Proposition 20-Mar-08
  7. The Audit Cartel – Prem Sikka in Guardian 06- June-08
  8. How to Share Blog posts with friends 25-May-08
  9. Management Accountant Blog Home


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