Institute of Cost Accountants of India
GS PAPER II: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
Context: Union Cabinet granted ex-post facto approval to the Memorandum of Understandings (MoUs) entered into by the Institute of Cost Accountants of India and the Institute of Company Secretaries of India with various foreign countries including Australia, UK and Sri Lanka.
- It seeks to facilitate mutual recognition of qualifications and a range of collaborative activities for the exchange of knowledge, experience sharing, and technical cooperation by way of participation in annual conferences, training programmes and joint research projects.
Institute of Cost Accountants of India
- ICMAI, previously known as the Institute of Cost & Works Accountants of India (ICWAI), is a premier statutory professional accountancy body in India under the jurisdiction of Ministry of Corporate Affairs, Government of India.
- Objectives: Promoting, regulating and developing the profession of Cost & Management Accountancy.
Responsibilities:
- It is the only licensing cum regulating body of Cost & Management Accountancy profession in India.
- It recommends the Cost and Management Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable.
- ICMAI 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.
- The ICMAI is a founder member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA).
- ICAI is a member of the National Foundation of Corporate Governance (NFCG).
Institute of Company Secretaries of India (ICSI)
- It is a statutory professional body in India under the jurisdiction of Ministry of Corporate Affairs, Government of India.
- Objective: promoting, regulating and developing the profession of company secretaries in India.
1.png)
