About ICAI
The Cost Accountants of India (CMA) is a premier, dynamic, vibrant professional institution actively associating itself in the industrial and economic development of the nation. The profession places itself at the service of the nation, government, industry, and the society to realise the objectives of a welfare state resulting in the prosperity and the well being of its people - a fact increasingly realised with the opening up of the country's economy and change in the economic scenario of the world. In today's world, the profession of conventional accounting and auditing has taken a back seat and accountants increasingly contribute towards the management of scarce resources like funds, land and apply strategic decisions. This has opened up further scope and tremendous opportunities Cost and Works accountants to shoulder responsibility as Cost and Management Accountants in accordance with new dimensions and vision here in India and abroad. Members of this profession will be the driving force in the team of management while in employment and a key consultant, an effective Cost and Management Auditor and an appropriate advisor in place. This is why Cost Accountants in India are called Management Accountants all over the world. Its ICWA other name. Complete Information on our working, history and professional accredition are all available here.
Vision Statement
"ICAI would be the preferred source of resources and professionals for the financial leadership of enterprises globally "
Mission Statement
"ICWAI professionals would ethically drive enterprises globally by creating value to stakeholders in the socio-economic context through competencies drawn from the integration of strategy, management and accounting."
History
History Of The Profession
It was during the early years of World War II, that the concept of cost as an independent entity made its beginning in the industrial circles of the world. Due to the prohibitive cost of defense operations, the then governments at war found it difficult to ascertain the price of defence purchases and thus evolved the concept of cost + contracts. This forced the contractors to submit the cost of the work to be undertaken by them, in order to be awarded the contract.
1945 brought the end of the war, and the nations ravaged by the effects of war began large-scale reconstruction of their economies through industrialisation. The end of colonialism meant that many nations gained their independence, and this process increased rapidly. The late forties and fifties can really be termed the golden era of industrialisation. The importance of cost accounting as being central to the formation of government policies provided the foundation of the rapid growth of the profession. What began as a mere exercise in estimating the cost later developed into a movement for efficiency and optimum utilisation of scarce resources.
The profession was established by a special act of Parliament, namely, the Cost and Works Accountant Act, 1959. With the passing of the act, "The Institute of Cost and works Accountants of India" was established in 1944 and was registered as a company under the Companies act with the objectives of promoting, regulating, and developing the profession of Cost Accountancy.
It has since 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
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.
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
CWA as Profession
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
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.
Opportunity for Independent Practice
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.
• Consultancy Assignments.
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The Cost Accountants of India (CMA) is a premier, dynamic, vibrant professional institution actively associating itself in the industrial and economic development of the nation. The profession places itself at the service of the nation, government, industry, and the society to realise the objectives of a welfare state resulting in the prosperity and the well being of its people - a fact increasingly realised with the opening up of the country's economy and change in the economic scenario of the world. In today's world, the profession of conventional accounting and auditing has taken a back seat and accountants increasingly contribute towards the management of scarce resources like funds, land and apply strategic decisions. This has opened up further scope and tremendous opportunities Cost and Works accountants to shoulder responsibility as Cost and Management Accountants in accordance with new dimensions and vision here in India and abroad. Members of this profession will be the driving force in the team of management while in employment and a key consultant, an effective Cost and Management Auditor and an appropriate advisor in place. This is why Cost Accountants in India are called Management Accountants all over the world. Its ICWA other name. Complete Information on our working, history and professional accredition are all available here.
Vision Statement
"ICAI would be the preferred source of resources and professionals for the financial leadership of enterprises globally "
Mission Statement
"ICWAI professionals would ethically drive enterprises globally by creating value to stakeholders in the socio-economic context through competencies drawn from the integration of strategy, management and accounting."
History
History Of The Profession
It was during the early years of World War II, that the concept of cost as an independent entity made its beginning in the industrial circles of the world. Due to the prohibitive cost of defense operations, the then governments at war found it difficult to ascertain the price of defence purchases and thus evolved the concept of cost + contracts. This forced the contractors to submit the cost of the work to be undertaken by them, in order to be awarded the contract.
1945 brought the end of the war, and the nations ravaged by the effects of war began large-scale reconstruction of their economies through industrialisation. The end of colonialism meant that many nations gained their independence, and this process increased rapidly. The late forties and fifties can really be termed the golden era of industrialisation. The importance of cost accounting as being central to the formation of government policies provided the foundation of the rapid growth of the profession. What began as a mere exercise in estimating the cost later developed into a movement for efficiency and optimum utilisation of scarce resources.
The profession was established by a special act of Parliament, namely, the Cost and Works Accountant Act, 1959. With the passing of the act, "The Institute of Cost and works Accountants of India" was established in 1944 and was registered as a company under the Companies act with the objectives of promoting, regulating, and developing the profession of Cost Accountancy.
It has since 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
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.
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
CWA as Profession
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
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.
Opportunity for Independent Practice
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.
• Consultancy Assignments.
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