Cost & Management Accountancy
A business organisation can grow well if it has a strong accounts department. Moreover, it is the accounts department which can draw up a good resource utilisation programme and cost saving mechanism so that the profit margin of the company can be increased. Cost and management accountancy in particular is one subject which deals with this difficult and helps in evaluating and managing costs. It finds its origin way back in the II world war period when the need to evaluate defence cost was felt. These days, in fact, it has attained greater significance, especially in the corporate sector
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 with the objects of promoting, regulating and developing the profession of Cost Accountancy. It is the only licensing cum regulating body of Cost & Management Accountancy profession in India. It recommends the Cost Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable. 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. It also issues other technical guidelines on several aspects like Internal Audit, Management Accounting etc
A business organisation can grow well if it has a strong accounts department. Moreover, it is the accounts department which can draw up a good resource utilisation programme and cost saving mechanism so that the profit margin of the company can be increased. Cost and management accountancy in particular is one subject which deals with this problem and helps in evaluating and managing costs. It finds its origin way back in the II world war period when the need to evaluate defence cost was felt. These days, in fact, it has attained greater significance, especially in the corporate sector
