Institute Of Cost Accountants Of India

About Institute Of Cost Accountants Of India:

• It is a statutory body established by an act of Parliament, the Cost and Works Accountants Act, 1959.
• Mandate:  Regulation of the profession of cost and management accountancy.
• It is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy.
• It is under the administrative control of the Ministry of Corporate Affairs. 

What is Cost Accounting?

• It is the reporting and analysis of a company's cost structure.
• It is a process of assigning costs to cost objects that typically include a company's products, services, and any other activities that involve the company.
• Cost accounting can identify where a company is spending its money, how much it earns, and where money is being lost.
• It aims to report, analyze, and lead to the improvement of internal cost controls and efficiency. 

Key facts about the Institute of Chartered Accountants of India (ICAI):

• It is a statutory body established under the Chartered Accountants Act 1949.
• Mandate: Regulating the profession of Chartered Accountancy in the country; Formulation of Accounting Standards; and Prescription of Standard Auditing Procedures.
• It functions under the administrative control of the Ministry of Corporate Affairs, Government of India.

 

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Q1) What is Chartered Accountancy?

Chartered Accountancy is a professional practice of accounting, auditing, taxation, and financial assessment for an individual or an organisation. Chartered Accountant is a designation given to an accounting professional who has received certification from a statutory body that he/she is qualified to take care of the matters related to accounting and taxation of a business enterprise.

Source: Delhi HC restrains Institute of Cost Accountants of India from using ICAI acronym