Management Accounting

[santoshputhran]

This is from ICWAI Act

25. (1) Save as otherwise provided in this Act, no person shall,—

(i) use a name or a common seal which is identical with the name or the common seal of the Institute or so nearly resembles it as to deceive or as is likely to deceive the public;
(ii) award any degree, diploma or certificate or bestow any designation which indicates or purports to indicate the position or attainment of any qualification or competence in cost accountancy similar to that of a member of the Institute; or
(iii) seek to regulate in any manner whatsoever the profession of cost and works accountants.


Section 24 of ICAI Act

[24A. Penalty for using name of the Council, awarding degree of chartered accountancy, etc.

(1) Save as otherwise provided in this Act, no person shall—

(i) use a name or the common seal which is identical with the name or the common seal of the Institute or so nearly resembles it as to deceive or as
is likely to deceive the public;
(ii) award any degree, diploma or certificate or bestow any designation which indicates or purports to indicate the position or attainment of any qualification or competence similar to that of a member of the Institute; or
(iii) seek to regulate in any manner whatsoever the profession of chartered accountants.

How do you interpret these provisions under respective Acts ? Share your views.

Regards,

[Sanket]

The competency of Cost accountants is Cost accountancy and that of Chartered accountants anything below the sky.

[bvprabhakar]

Chartered Accountants Act was passed in the year 1949, while CWA Act was passed in the year 1959.

While passing CWA Act, the CA Act should also have been amended suitably to make a distinction between financial accountant and cost accountant.

However, the Govt has either omitted to do this (or) there would hv been deliberate omission by vested interests to create an ambiguity.

The result is there for all to see.

Now the perception that is created is that CA is means accountant (all inclusive) while CWA means a cost accountant restricted to works.

[anwarcma]

How does this apply to professional practice of ICWA/CA?

[aditya2212]

i think if we amend the second point from ....

purports to indicate the position or attainment of any qualification or competence in cost accountancy similar to that of a member of the Institute;

to

award any degree, diploma or certificate or bestow any designation which indicates or purports to indicate the position or attainment of any qualification or competence similar to that of a member of the Institute

itll be a winning shot.