Finance Secretary Dr. T. V. Somanathan emphasises the crucial role of ICoAS officers in march towards ‘Viksit Bharat 2047’

 

The Office of Chief Adviser Cost, Department of Expenditure, Ministry of Finance, celebrated the Indian Cost Accounts Service (ICoAS) Day,  in New Delhi. This year’s theme of ‘ICoAS @ Viksit Bharat’ underscores the pivotal role of ICoAS officers in contributing to the vision of a developed India by 2047. Dr. T. V. Somanathan, Finance Secretary & Secretary (Expenditure), was the Chief Guest of the event.

During his Keynote Address, Dr. T. V. Somanathan appreciated the dedication, expertise, and commitment of ICoAS officers in shaping the economic landscape of our country. He emphasized that the role of ICoAS officers is more crucial than ever in ‘Viksit Bharat 2047’.

Dr. Somanathan also released an e-Book titled ‘Indian Cost Accounts Service: An Overview,’ which details the significant functions and achievements of ICoAS officers.

During the event, a documentary highlighting the journey and contributions of ICoAS was screened during the event. A detailed presentation was also made on the importance of Cost Audit in government sectors and the need for expanding the scope of cost audit to entities which receive subsidies or grants from the Government.

Two technical sessions were also held to brainstorm the various aspects of cost accounting on the Foundation Day.

Dr. Vivek Joshi, Secretary, Department of Financial Services was the Chief Guest of technical session, where a presentation was made on the performance analysis of public and private sector banks, followed by the launch of the first edition of “ICoAS: Insights Magazine”.

In his address, Dr. Vivek Joshi emphasized that the cost control and cost reduction techniques adopted by ICoAS officers can reduce the cost of delivery of financial services.

Dr. S.K. Sarin, Director, Institute of Liver and Biliary Sciences (ILBS), was the Guest of Honor of technical session. Dr. S.K. Sarin discussed about importance of healthy liver for longer life in his address.

During the second technical session, Shri Rameesh Kailasam (CEO, IndiaTech.org) delved on the subject ‘Digital Currency’.

Dr. Mayank Sharma, IDAS, Additional CGDA made a speech on ‘Strengthening Professional Skills of Cost Accountants.’

The final session featured a talk by Shri B.B. Goyal, Former Head of Service, followed by presentations by the young ICoAS officers.

Earlier, Shri Pawan Kumar, Chief Adviser (Cost) welcomed the Chief Guest and other dignitaries. The event saw the presence of senior officers from various ministries and departments.

The celebration of ICoAS Day 2024 showcased the dedication and excellence of ICoAS officers in their pursuit of a developed and prosperous India. The event served as a platform for capacity building, knowledge sharing, and recognizing the significant contributions of ICoAS officers towards achieving the vision of Viksit Bharat 2047.

Cost audit expansion to subsidised entities promoted to strengthen oversight and reduce service delivery costs. Emphasis on expanding Cost Audit to entities receiving government subsidies or grants, advocating broader oversight of cost accounting in subsidised recipients; paired with promotion of cost control and reduction techniques to improve efficiency in financial services, and initiatives for capacity building and professional development of cost accountants.