CA aspirants split over IIA parliamentary panel suggestion

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The IIA’s proposal leaves aspiring CAs divided.

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A parliamentary panel in the Lok Sabha has presented a proposal for the development of a Indian Institute of Accountancy, IIA on Friday, March 25, 2022. The proposal further suggested that the IIA in India would be managed by companies like Indian Institute of Technology and Indian Institute of Management. However, since the announcement of this proposal, many aspiring CAs have expressed mixed reactions to The IIA.

The parliamentary report suggests that IIAs can be set up in India, which could serve a similar function to IITs and IIMs, but which “will also offer competition to Institute of Chartered Accountants of India, ICAI‘. Many CA candidates have celebrated the proposal and are “excited” to see the changes the IIA will bring, if implemented.

The aspiring CAs who support the panel’s suggestion for the IIA have already created a slogan – “One nation, one accountable body”. Many aspirants have also said that the arrival of an IIA will help expand the CA field in India and provide more opportunities for students who wish to pursue a career as Chartered Accountants.

Usually the good outweighs the bad, but not in this case. While some CA aspirants have shown positive reactions to the AII proposal, the majority of aspirants have strongly opposed the proposal and some are even confused as to what will happen if an AII is indeed created.

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“Doing IIA is a bad decision to create competition. ICAI has been working with dignity for a long time and has a high quality all over the world. This move is highly unlikely for Indian business and economy, an aspiring CA posted on social media.

“I don’t understand the requirement of an Indian institute of accountancy. The nation has problems in other areas of education, why intervene when ICAI has performed so well? said a verified account.

Aspiring CAs are mostly divided on the parliamentary proposal to develop an IIA. A section of CA aspirants also said they felt “confused” about what would happen if an IIA was actually developed? Issues regarding degrees, curriculum, authority, validity of certificate provided by ICAI and many more are brought to light.

Many have also questioned whether the IIA will have auditing power in India as the ICAI currently has, but the answer to this question has yet to be answered. It is important to remember that the development of the Indian Institute of Accountancy is only a suggestion made during a discussion at the Lok Sabha. The creation of an IIA in India is under consideration and has not yet been finalized.

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