The Institute of Chartered Accountants of India (ICAI) has wrote to the Malayalam Actor Mohanlal for endorsements of false claims of the CA, CMA and ACCA coaching institute ‘Lakshya’ in advertisements.
ICAI is the statutory body for regulating the profession of Chartered Accountancy or the Profession of Chartered Accountants or CAs in the country, along with the training and education of CAs pre-qualification and post-qualification through continuing education alike.
The profession of a Chartered Accountant is highly valued and reputable. Being a Chartered Accountant is no easy task, with the course diligently designed by the Institute of Chartered Accountants of India or ICAI to mold CAs with professional competence and credibility.
The prefix ‘Chartered Accountant’ or ‘CA’ in India is exclusively for the use of Qualified Chartered Accountants enrolled as Members of the ICAI.
The requirements to become a ‘CA’ demand that students go through the following steps, as per the information from the ICAI’s official website : —
It is clear from above, that the minimum years to complete the CA Course is not anything less than 4 years. However, hoardings placed by Lakshya across Calicut, Kerala claimed that the students have become ‘CA’ at the age of 20 and 21. There are also video-form contents that claim that aspirants can become Chartered Accountants at the Age of 21.
The letter addressed to the actor Padma Shri Bharath Lieutenant Colonel Dr. Mohanlal stated the following : –
“We are deeply concerned about the issue of coaching centers in our region misleading students by providing false information about the qualifications they are offering. We would like to bring to your attention the fact that not only are these coaching centers misleading students through their courses, but they are also running print and video advertisements that are equally misleading. We hereby draw your attention to the Video Advertisement where you have endorsed the Coaching Institute — Lakshya.”
It further clarified “The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No.XXXVlll of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in public interest. Members of the Institute are known as Chartered Accountants. Becoming a member requires passing the prescribed examinations, 36 months of practical training and meeting other requirements under the Act and Regulations.”
“Association of Chartered Certified Accountants (ACCA) is the professional accounting body based out in United Kingdom (UK) offering the Chartered Certified Accountant qualification (ACCA). The term Chartered Certified Accountant was introduced in 1996. Prior to that date, ACCA members were known as Certified Accountants. It is still permissible for an ACCA member to use this term”, the letter clarified.
Addressing the concern that, “We have observed that these coaching centers are running advertisements that claim that students can become a Chartered Accountant by passing the ACCA exams, which is blatantly untrue. The advertisements are misleading and misrepresent the qualifications, leading to a misalignment between the skills and knowledge that students gain from the coaching center and the skills required to become a Chartered Accountant”, the letter further added.
“As you are aware, the Chartered Accountancy qualification in India is regulated by the ICAI, and it has its own set of requirements, eligibility criteria, and syllabus. The ACCA qualification, on the other hand, is a different qualification with its own set of requirements and syllabus. It is crucial that students are provided with accurate information about the qualifications they are pursuing and an ACCA completed candidate cannot use the term “Chartered Accountancy” and exclusive right remains with candidates who pursue course at The Institute of Chartered Accountants of India (ICAI). ACCA and Chartered Accountancy are two distinct qualifications with their own unique requirements and qualifications. ACCA members cannot be considered as Chartered Accountants. It is important to note that ACCA members do not have signing authority in India, and they cannot act as statutory auditors in the country. Thus, misrepresenting ACCA as Chartered Accountancy is misleading and can cause confusion among potential students”, stated the notice from Kozhikode Branch of ICAI, bringing much needed clarity to the misleading advertisement, pointing out the defect.
Urging the award winning critically acclaimed actor to look into the matter in detail, the notice demanded that the actor “take appropriate corrective measures by not circulating such advertisements which can cause confusion among potential students.”
Notably, every profession carries its own worth and value, and being an ACCA or a CMA is purely a matter of choice and proportionate hard work as per requirements of each course. Each of these courses have differences in curriculum and areas of practice after qualification.
The Official Youtube Channel of the Indian Institute of Commerce, Lakshya misstates ACCA as Chartered Accountancy Course: Completed +2 ? Become a Chartered Accountant at the age of 21 | Indian Institute of Commerce Lakshya – YouTube
Misleading advertisements of the likes of the above, in neglect of difference in skills and knowledge acquired in each course is disappointing, especially when coming from one of the pioneering institutions that claims to have produced 9700+ Global Placements, 1400+ Qualified CAs, 108+ ACCA All India & Global Ranks, 29+ CA All India Ranks and 12+ CMA All India Ranks.
The following References were used in the preparation of this story:
The controversial advertisements available on the official youtube channel of Indian Institute of Commerce, Lakshya: https://youtu.be/gNutwSlKcTw, https://youtu.be/0jUEaeYQAEk, https://www.youtube.com/watch?v=iaQ1rYGiTtE
ICAI clarifying the usage of the letters ‘CA’: https://www.icai.org/post.html?post_id=2518#:~:text=Share%20this%20page%3A,as%20prefix%20to%20their%20names.
Training Guide Released by ICAI with regard to articleship, practical training and post-qualification training : https://resource.cdn.icai.org/32541bos22393.pdf
ICAI about the Chartered Accountancy or CA Course: https://www.icai.org/new_post.html?post_id=5719
Prospectus released by the Institute of Chartered Accountants of India for Chartered Accountancy Course: Prospectus
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