Cost and Management Accountancy Profession in India
With the globalization of all economic activities, the industries both in manufacturing and service sector have recognized the potential of Cost and Management Accounting profession in giving support in effective resource management and making the operations more cost effective for facing the challenges of management.
Cost and Management Accountants provide services in investment planning, profit planning, project management and overall managerial decision making process. Many members of the Institute are holding top management positions, viz., Chairman, CEO/CFO, Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, Chief Internal Auditor etc.
Central Government has constituted an all India cadre known as Indian Cost Accounting Service (ICAS) at par with class-l services for framing fiscal and tax policies.
The Specialized knowledge and skill of the professional members of the Institute are being given due recognition for different Audit or Certification work under different statutes like maintenance of Cost Accounting Records Rules under Section 209(1) (d) of the Companies Act, 1956, Cost Audit under Section 233B of the same Act and Valuation Audit, CENVAT Audit/Service Tax Audit under section l4A, and l4AA of the Central Excise Act, 1944, and Audit under VAT of different states.