Institute of Cost Accountants of India
The Institute of Cost Accountants of India (erstwhile The Institute of Cost and Works Accountants of India) was first established in 1944 as a registered company under the Companies Act with the objects of promoting, regulating and developing the profession of Cost Accountancy. It is the only licensing cum regulating body of Cost & Management Accountancy profession in India.
On 28th May, 1959, the Institute was established by a special act of Parliament, namely, the Cost and Works Accountants Act, 1959 as a statutory professional body for the regulation of the profession of cost and management accountancy. Since then, it has been continuously contributing to the growth of the industrial and economic climate of the country.
The Institute of Cost Accountants of India 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.
Features of Institute of Cost Accountants of India
The Institute of Cost Accountants of India (ICAI), previously known as the Institute of Cost & Works Accountants of India (ICWAI), is a premier statutory professional accountancy body in India with the objects of promoting, regulating and developing the profession of Cost Accountancy.
- It recommends the Cost Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable.
- ICAI is solely responsible for setting the auditing and assurance standards for statutory Cost Audit to be followed in the Audit of Cost statements in India.
- It also issues other technical guidelines on several aspects like Internal Audit, Management Accounting etc. to be followed by practising Cost Accountants while discharging their services.
- It works closely with the industries, various departments of Government of India, State governments in India and other Regulating Authorities in India e.g. Reserve Bank of India, Insurance Regulatory and Development Authority, Securities and Exchange Board of India etc. on several aspects of performance, cost optimisation and reporting.
Objectives of Institute of Cost Accountants of India
- To develop the Cost and Management Accountancy function as a powerful tool of management control in all spheres of economic activities.
- To promote and develop the adoption of scientific methods in cost and management accountancy.
- 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.
- 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.
- To exercise supervision for the entrants to the profession and to ensure strict adherence to the best ethical standards by the profession.
- To organise seminars and conferences on subjects of professional interest in different parts of the country for cross-fertilisation of ideas for professional growth.
- 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.
Prospect of Cost Accountants
Cost Accountants are in great demand in government sector, private sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Further, in view of their specialized knowledge and training, CMAs may hold top management position in public and private sectors’ enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager and Chief Internal Auditor and other important positions.
There is vast scope for practice by a Cost Accountant for which he has to obtain Practice Certificate from the Institute.
Institute of Cost Accountants of India
12 ,Sudder Street ,KolKata - 700016
Phone: 91 33 40364777/22521031/1034/1035/1492
91 33 22521602/1619/7373/7143/2204
91 33 22520141/0191
Fax: 91 33 22527993 / 91 33 2252 1026
Dial our Toll Free Number 1800110910 / 18003450092 for assistance relating to Students, Members and General Public.
The operation time for the Toll Free Number is Monday to Saturday from 9.30 A.M. to 6 P.M.