Case of mental bankrupsy – ICAI

I am hereby talking about a very serious issue. If somebody thinks that the language is bit derogatory, i will remove objectionable words and apologise unconditionally. However i don’t regret what i am saying.

I think a institute like ICAI is a burden on India and it should immediately be shut down and a new institute up to the world standard be established.

Many of you, particularly who are studying CA or are a Chartered Accountant, will be shocked by my words. I have several reasons to substantiate my views. I know how the CA industry is going as I am a student and have regular interaction with other students.

So here goes the reasons:

1. The ICAI is a torture on students: The minimum stipend fixed for the students who work like a horse for their CA, who are supposed to be there guardian, is Rs. 1250. It is a well known fact that most of the firm are giving only minimum stipend. at the higher end the stipend is Rs. 2500. Now tell me if i am working for a person, then is it not the responsibility of the person to ensure that i live a decent life. But the ICAI is not bothered about the life of its student. Somebody tell me how the hell on earth can you survive in a city like Delhi. Mumbai, Kolkata, Bangalore etc at about Rs. 1500. No doubt CA is a tough exam. Suppose i coulds not clear the exam then it would only mean wasting my 3 years in articleship. On the other hand my elder brother is also working as a trainee in a university and he is earning that much that he has bought a Nissan car in just 4 months. This is slavery. I know articles who are making tea for the clients of their CA. They can not do any thing to help them. as ICAI has left no door open to them. they can not change their employer as it is banned. They can not complain against them as ICAI is there to protect them (see next point).
2. ICAI is a holy shitfor Indian Economy:At the time when ICAI had to show the world that they are serious to make the regulations in India as per the global standards, ICAI is doing everything to protect the perpetrators of Indian Economic Fiasco – the Satyam Fraud. This was not a challange but an opportunity to show the world that in India we don’t let the culprits go easily. We could have impressed the investors that we are serious. but ICAI is protecting auditors only because they belong to them. This kind of behavior suits only to political parties. Look how shamelessly ICAI president can protect PWC auditor: ‘He said the two sacked PWC CA involved in Satyam’s auditing should not be blamed as they got incorrect statements from the company’ – Financial Express, April, 15.
3. ICAI is an over confident monarchist: I will not say much about this but just have a look at the circular of ICAI dated 27th march, 2009:

“(a) The coaching classes shall not continue after 9.30 a. m. or start before 5.30 p.m. so as to enable the articled/audit assistants to concentrate wholly on practical training.

(b) Members of the Institute who are engaged in coaching be advised not to undertake coaching between 9.30 a.m. to 5.30 p.m.”

Have you noticed how Members and Articles are treated differently. I will give you the reason. Members are the vote bank. They dicide by givingtheir vote who will be the next president and all of ICAI. India mein kaun vote bank ko naraaz karega. Another example:

“h) No request for termination of articles is entertained from any articled assistant in general and more particularly during the first six months and also during the last twelve months of articles except as provided in the Regulations. In the event of termination, his articles shall not be registered in the same city.”

I think ICAI is in the illusion that it is over the constitution of India. As per the fundamental rights given to each and every citizen of the country, I am allowed to go anywhere in India and opt any profession. The institute diktat is against the crux of constitution.

I think law ministry, SC and human right commission should come forward to check the fatwa and Talibanisation of ICAI.