ICWAI URGES GOVERNMENT FOR MORE REGULATORY POWERS

Shri Salman Khurshid, Minister for Corporate Affairs, has expressed confidence that under the present scenario, the Cost and Management Accounting professionals can play a major role in government initiative to control the inflation and make essential goods and services available to the public at a reasonable price. Addressing the Council of Institute of Cost and Works Accountants of India ( ICWAI ) here today at ICWAI Bhawan, Shri Khurshid said that the Expert Group constituted by the Ministry of Corporate Affairs to review Cost Accounting Records Rules, Cost Audit Report Rules and the Cost Accounting Standards in the present economic scenario has done excellent work. He said, " The Group has made valuable recommendations with the objectives of making the Indian industry more competitive while appreciating the need to position Cost Audit in the enterprise governance structure".

ICWAI, an apex body to regulate the profession of cost and management accountancy in India, urged the Minister for Corporate Affairs to empower the Institute through their members for more regulatory powers. The Institute on the occasion presented the strategic framework for ICWAI to Shri Salman Khurshid. In a bid to provide more visibility to the Institute and the profession of cost & management accounting, ICWAI suggested for acceptance and implementation of some of the recommendations of the Expert Group. The Institute also suggested the following:

• Redraft the proposed provisions for cost accounting and cost audit to remove the anomalies under proposed clause 131 of the new Companies Bill, 2009 vis-a-vis Section 209 (1) (d) and 233 (b) of the Companies Act 1956
• Cost Accountants be allowed to attest and certify statement under Revised Schedule VI.
• Inclusion of ICWAI representative in the Expert Group for IFRS constituted by MCA.
• Inclusion of Cost Accountant in the audit of LLP Accounts.
• Inclusion of Cost Accountants within the definition of "Accountants" of the Direct Tax Code Bill 2009, Clause 284 (2).
• Inclusion of the name of Cost Accountant in Form I under MCA-21.
• On a global pattern, change the name of the institute as Institute of Cost & Management Accountants of India.
Shri G.N Venkataraman, President ICWAI urged the Ministry of Corporate Affairs to allow level playing field and strategic framework for the profession. He emphasized the urgent need to move from compliance governance to business governance.

Regulatory empowerment of cost accountants urged to strengthen pricing oversight and expanded statutory audit and certification roles Request for expanded statutory roles for cost and management accounting professionals to support price stabilization and strengthen enterprise governance by implementing Expert Group recommendations. Key proposals include redrafting cost accounting and audit provisions to remove anomalies with company law, permitting cost accountants to attest and certify statements under Revised Schedule VI, inclusion of cost accountants in LLP audits and within the definition of 'Accountants' under the Direct Tax Code, representation in the IFRS Expert Group, addition of the cost accountant designation to MCA-21 Form I, and renaming the institute for global alignment.