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Should CA, CS, CMA be integrated under one statute?

Should CA, CS, CMA be integrated under one statute?

Should CA, CS, CMA be integrated under one statute? – The profession of CA, CS, CMA is governed by 3 separate Acts & regulations made there under by central govt, however, one can see that the 3 Acts are exactly same for the structure, provisions and only a few definitions, provisions, course contents, practice areas, recognition’s are different.

Should CA, CS, CMA be integrated under one statute?

Should CA, CS, CMA be integrated under one statute? In our  opinion, a profession must not be put to compete with other professions and the work areas of each profession must be clearly defined by the law made by government of the country.

Since all 3 professionals work on same set of documents, records, books of accounts, business policy, industrial regulations, business laws etc, all the services can be provided to the business entities by any of the 3 except statutory audit & tax audit in case of companies, cooperative societies, trusts etc that is reserved for CA only. However, this legal position creates competition among the 3 professions since one CA, CS, CMA can provide all service to their clients except large listed public companies that are governed by various corporate laws.
Therefore in my opinions Should CA, CS, CMA be integrated under one statute?  if the 3 Acts CA Act, CWA Act & CS Act regulations made there under in respect of membership, practice areas, partnership, professional ethics, recognition’s etc are consolidated and integrated in one law, it will radically change the face of 3 professions and the business world will gain immensely as what is perceived under GST.
For example….
All members can prefix CA before their name to show that they belong to one profession like medical profession and will be governed by a common set of professional ethics, regulations and association etc.
All members will be able to foster partnerships and provide all services at one place, this will make small business entities more law compliant at low cost. (However, large business entities can be compelled to appoint separate professionals for different certifications based on some threshold limits).
3 Institutes can be recognized as deemed university & its qualification as equivalent to master degree of an university under UGC Act & professional degree under AICTE Act.
All business entities will get specialized services under different business laws as the need be.

People opinion about Should CA, CS, CMA be integrated under one statute?

  • There is no question of superiority or toughness of a course over the other. Actual point is benefit to society through industry. What is the objective of GST??? Objective of Statutory Audit, Tax Audit, Cost Audit, Internal Audit, Secretarial Audit, Bank Audit, Excise Audit Financial Management, MIS Reports etc etc are totally different from each other. However one large business entity is required to follow these all…….different norms, policies, formats, goals etc but on the same set of books of accounts n financial records!!! That’s why when different professionals reconcile their data with audited data ( since they don’t go up to original records) they find it always ridiculous. Those who see the CA as tough course must know that specialized coaching for CA has made it as good as university course to good extent. If the pass rule of CA ie 40% in each paper n 50% in aggregate for each group or semester is applied in universities, their result will go down heavily. So the actual issue is ” If same financial record can be interpreted differently at different point of time for different objective it will loose its authenticity”” This is the reason why same law is interpreted differently by the lawyers to keep cases pending in courts for decades and only the society suffers.
  • The question is why do it. 1) To create more opportunities for CMA,CS – it will be just like reservation 2) To help the business field or this field – This is surely not the target, who cares about field, people want money 3) To help the country’s economy – Country’s economy would do better if CAs gets reduced, not increase. Had I known that CMA=CA, then I would not have taken the effort to do CA at all. But as I said earlier a plan for 20-25 years of such merger can be established but there are various obstacles.
  • It seems that everyone of us is comparing the 3 courses in terms of specialization, toughness and duration. Specialization at the final stage will suffice, if the course up to intermediate level is combined and recognized by each other. Moreover the Rules of professional ethics, standards of accounting, auditing, cost accounting, financial reporting & secretarial work must be developed under one common law by the govt. For example if detailed rules for tax audit are enforced, the auditor will have to comply with that, whether he is CA or CMA or CS in practice!!! Similarly if management decides the objective of internal audit of the concern, what difference will it make if such internal audit is done by a CA or CMA or CS??? There can not be any competition among the professionals who work on basis of financial records. If a particular record is incorrect, it will remain incorrect even after 100 years. And whenever the defect is unearthed the auditor will always be implicated by authority. That’s why I am in favour of one national authority for the 3 professions. CAs may feel that statutory audit & tax audit will go out of their hands but they will get other professional assignments as well and will tend to specialize in particular area.

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