The Hindu Business Line : Core group to hasten CA, CS, ICWA institutes' synergy

THE three premier professional institutes of Company Secretaries, Chartered Accountants, and Cost and Works Accountants, have decided to form a core group to work out the modalities for implementing the memorandum of understanding (MoU) inked by them in 2000, to create a synergistic relationship between the three professions.

The coordination committee comprising the presidents of the three institutes and council members took a decision to this effect recently.

Informed sources told Business Line, "The issue before the committee was why the institutes have not been able to implement the MoU, intended to harmonise their functioning and provide integrated coordinated approach for excellence in corporate governance, in tune with the emerging globalisation of Indian economy."

The MoU provides that the three institutes together would foster, develop and organise professional development programmes for the corporate professionals by articulating their academic experiences. They would also put up on the electronic media, their common programme for students under the Distance Learning Scheme.

Further, the MoU also outlines the sharing of infrastructure, interlinking of the Web sites of the institutes. Apart from a common programme of organising joint national level seminars and conferences, there is a provision for reciprocal acceptance of credits given to the professionals upon attending the compulsory professional training programmes of the institutes.

Taking a step in this direction of creating synergy, the coordination committee has decided to hold common programmes at the national level. Further, the Chartered Accountants committee on WTO would also have representatives from the CS and Cost Accountants Institutes as invitees, Mr Mahesh Anant Athavale, President, ICSI said. "This would help in creating a common platform on various issues arising in WTO," he explained.

The MoU not only deals with professional development and continuing education but also provides for partnerships among the practising members of the three institutes. This issue of the proposed CA, CS and Cost Accountants partnership, was also taken up in the coordination committee.

"Though the Council of the three institutes have given their in-principle nod, there was a legal impediment. The CA and Cost Accountants Act does not provide for the same. Hence, one will have to wait till the two Acts are amended," he said.

There indeed is a growing trend among the companies towards seeking professional consultancy services from the multidisciplinary firms, and this growing trend is acting as a catalyst for professional services providers to strengthen their collective competencies by establishing synergistic relationships with other professionals, he stressed.

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