Institute of Cost and Works Accountants of India
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The Institute of Cost and Works Accountants of India (ICWAI) is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy.
A Cost Accountant is a person who offers to perform or perform services involving the costing or pricing of goods and services or the preparation, verification or certification of cost accounting and related statements
The head office is situated at 12, Sudder Street, Kolkata 700 016 and operates through four regional councils are Kolkata, Chennai, Delhi and Mumbai as well as through a number of important chapters situated elsewhere in India and abroad.
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[edit] Objectives of the Institute
(a) To develop the Cost and Management Accountancy function as a powerful tool of management control in all spheres of economic activities.
(b) To promote and develop the adoption of scientific methods in cost and management accountancy
(c) To develop the professional body of members and equip them fully to discharge their functions and fulfill the objectives of the Institute in the context of the developing economy
(d) To keep abreast of the latest developments in the cost and management accounting principles and practices, to incorporate such changes are essential for sustained vitality of the industry and other economic activities
(e) To exercise supervision for the entrants to the profession and to ensure strict adherence to the best ethical standards by the profession
(f) To organise seminars and conferences on subjects of professional interest in different parts of the country for cross-fertilisation of ideas for professional growth
(g) To carry out research and publication activities covering various economic spheres and the publishing of books and booklets for spreading information of professional interest to members in industrial, education and commercial units in India and abroad
[edit] Employment opportunities
Members of the Institute are occupying high echelons like Chairman, Managing Director, Finance Director, Chief Executive, General Manager, Finance Manager, etc. in many Public and Private sectors organisations and also in the Government
Ministry of Company Affairs Government of India has tabled the bill for amending the law governing the three professional institutes. The amendments are expected to make the management of corporate affairs more fair, credible and lawful.
The Companies (Amendment ) Bill,2003 has following provisions:
99. After section 215 of the principal Act, the following section shall be inserted, namely : 215A. (1) Every public company having paid up share capital of three crore rupees or more as may be prescribed shall appoint a whole-time qualified accounts officer to be known as the chief accounts officer, who shall either be a member of the Institute of Chartered Accountants of India constituted under the Chartered Accountants Act, 1949 or a member of the Institute of Cost and Works Accountants of India constituted under the Cost and Works Accountants Act, 1959 and such accounts officer shall be responsible for the proper maintenance of the books of account of the company, and shall ensure proper disclosure of all required information indicated in the prospectus or any other offer document, and also ensure compliance of the provisions of this Act relating to the accounts of the company.
[edit] Government department
There is an existing Cost Accounting Service in Central Govt. named as Indian Cost Accounts Service, which is at par with the Class I Services of the Government of India.
[edit] Cost accountants can practice in the following areas:
- In mandatory Cost Audit under Section 233 (B) of the Companies Act, 1956.
- Certification under Export & Import Policy.
- Excise Audit under Section 14A of the Central Excise Act and Special *Audit of Certification Of manufacturing account as per Customs Act.
- VAT audit in nine states.
- Consultancy Assignments.
[edit] Academic opportunities
The Association of Indian Universities {AIU} resolved on May 28, 1991 that Bachelor Degree holders, who have passed ICWAI Final Examination be allowed by the Indian Universities to register for M.Phil. and Ph.D. in Commerce and allied disciplines. Since then the Institute is approaching different Universities to make necessary provision in their respective Rules so that Members of our Institute having Graduation qualification can register themselves for Ph.D. courses in Commerce and allied areas. Till now the Institute is in receipt of approval from 35 Indian Universities. Recently, in response to our letter No. DS-3{UL}/11/2000 dated November 17, 2000 to AIU it has been clarified by AIU {vide their letter No.EV/II{2}/2000/179741 dated November 29, 2000} that recognition awarded by AIU is generally accepted by the Universities in our country.
As the Final Examination of the Institute of Cost and Works Accountants of India has already been recognized by AIU, they do not anticipate any difficulty to be faced by the ICWAI candidates in the matter of acceptance of their qualification as sufficient for registering for Ph D/M Phil. All India Council for Technical Education decided that Fellow members of our Institute will be treated at par with the persons holding Ph.D. degree as far as appointment in the posts of Professor, Associate Professor, Reader, Asst. Professor and Lecturer in Professional/management Institutes are concerned.
[edit] Student organisation
Students of the institute are active and make themselves appear in almost all nation level events. One such student organisation which is run by students themself is FESCA (Forum for Elite Students of Cost Accounting). FESCA was founded in 1996 in SIRC (Southern India Regional Council) of ICWAI to represent the students of ICWAI. One of their main event, which is conducted once in a year in COR (Cost O' Rhythm).
