Make in India: Challenges & Prospects

[pib] Institute of Cost Accountants of IndiaPIBPrelims OnlyPriority 1


Note4students

From UPSC perspective, the following things are important:

Prelims level:  ICAI

Mains level: Not Much


News

ICAI recently completed 70 years

Institute of Cost Accountants of India (ICAI)

  1. 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.
  2. It was established by Cost and Works Accountants Act 1959 as an autonomous professional Institute.
  3. Its objectives are promoting, regulating and developing the profession of Cost Accountancy.
  4. The headquarters of ICAI is situated in Kolkata, and operates through its four regional councils located at Kolkata, Chennai, Delhi and Mumbai, 94 chapters in India and 78 chapters abroad.

Function of ICAI

  1. It is the only licensing cum regulating body of Cost & Management Accountancy profession in India.
  2. It recommends the Cost Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable.
  3. 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.
  4. 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.
  5. 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.

Role of ICAI

  1. As global manufacturing evolves and as manufacturing in India gets a boost over the coming decade – with the maturing of our Make in India programme – cost accountants will have a bigger and bigger role.
  2. It will be Cost accountants’ mandate to ensure that products and services are delivered at a competitive price but without compromising on quality.
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