In India it has been years of monopoly of blind dependence of Chartered Accountancy Institute by teh Governement.Although there is no much realistic difference between ICWAI and CA holders, the Governement all along showing its own partiality.
In view of scams like Satyam, the very relevance of CA institue in India and amount of importance placed by the Governement needs to rethinked firmly. Other professional Institutions like ICWAI and ICSI which were neglected for yeards need to be brought in to light by allowing compulsary cost audit, additing ICWAI in the meaning of "Accountant" as per Income Tax act,etc.
The Governemnt in India all along bending for foreign institutes like Deloitte,PWC,KPMG,etc and which controls 90% of Indian Blue chip company Audits and they enjoy prime place in CA councils.As a result even domestic CA firms are suffering.
To rectify this,
1).Governement should make ICWAIas equivalent to CA in all means in reality.
2).Introduce cost audit complusory for all listed companies.
3).Impose restriction on foreign firms being operating In India to serve as CA firms.Ensure more accountability and liability for these foreign firms in India whenever there are misappropriations of funds as in Satyam.
