Embarking on a journey to pursue a Cost and Management Accounting course is a strategic decision that opens doors to a realm of opportunities and challenges. This specialized field of study equips individuals with the skills necessary to navigate the complexities of financial management within organizations. In this blog post, we'll delve into the Scope & Packages of a Cost and Management Accountant.
There are several areas of practice available for Cost Accountants Professional Avenues for CMAs in Practice (Opportunities & Scopes):
| S. No. | Statute/Authority | Description |
| Audit Assignments | ||
| 1 | Central Goods & Services Tax Act, 2017 |
Audit of Accounts & Records under Section 35(5) of Central Goods & Service Tax Act, 2017.Read More Special Audit under Section 66(1) of Central Goods & Service Tax Act, 2017. Read More Access to business premises under Section 71. Read More |
| 2 | Central Board of Excise and Customs (CBEC) |
Special Audit under Section 14A & 14AA of the Central Excise Act, 1944 of Central Board of Excise and Customs (CBEC). Special Audit in certain cases under Section 11 of Customs Act, 1962, Circular No. 88/98-Customs dated 2/12/1998 as authorized by Central Board Excise and Customs. Read More |
| 3 | Central Board of Indirect Taxes and Custom | Custom Audit Regulation 2018 Central Board of Indirect Taxes and Custom included Cost Accountant for providing assistance in the audit( Para 6) in the Notification No 45/2018-Customs(N.T.) dated 24.5.2018 on Custom Audit Regulation 2018. Read More |
| 4 | Companies Act, 2013 |
Vide Companies (Cost Records and Audit) Rules, 2014, G.S.R. No. 425 (E) dated 1st July, 2014 and amendment thereof issued on 31st December 2014. under section 148(2), ibid Cost Accountants are exclusively authorized to appoint as Cost Auditor and conduct Cost Audit as per the provisions of the Companies (Cost Records and Audit) Rules, 2014. Read More Read More Section 138(1) of the Companies Act, 2013 empowers the Cost Accountants/Firms of Cost Accountant to conduct the Internal Audit of the Class of Companies. Companies (Accounts) Rules, 2014 issued by the Government vide GSR 239 (E) dated 31st March, 2014 defines the class of companies in which the Cost Accountants/Firms of Cost Accountant can be appointed/empanelled as Internal Auditor. Read More |
| 5 | Ministry of Health & Family Welfare |
Internal Audit/Concurrent Audit under National Health Mission (NHM) as empowered by the Ministry of Health & Family Welfare, New Delhi. Read More Read More |
| 6 | Ministry of Road Transport and Highways |
Model Concession Agreement (MCA) on infrastructure for PPP Projects in Highways empowered by Ministry of Road Transport and Highways. Read More |
| 7 | National Bank for Agriculture and Rural Development (NABARD) |
Stock audit for Working Capital Finance as prescribed by National Bank for Agriculture and Rural Development (NABARD). Read More |
| 8 | National Securities Depository Limited (NSDL) |
Internal and Concurrent Audit for depository operations under National Securities Depository Ltd (NSDL). Read More |
| 9 | Respective Bank Circulars |
Stock Audit, Concurrent Audit, Forensic Audit and other professional services of various Public Sector and Private Sector Banks in India. Please refer Read More |
| 10 | State Co-operative Societies Act |
Financial Audit of Cooperative Societies in states Maharashtra, Karnataka, Himachal Pradesh and West Bengal. Himachal Pradesh Maharashtra Karnataka Karnataka West Bengal |
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Special Audit i.e. Cost Audit and Performance Audit of co-operative societies under the respective Co-operative Societies Act of West Bengal, Maharashtra, Karnataka, Punjab, and Delhi. Karnataka Karnataka West Bengal Punjab Punjab Punjab Maharashtra Delhi |
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| 11 | State Public Sector Enterprises |
Internal Audit in various State Public Sector Enterprises |
| 12 | Securities Exchange Board of India (SEBI) |
Vide notification dated 16th December, 2024 SEBI considered the member of the Institute of Cost Accountants of India as a Compliance Officer in Regulation 20(1) of the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024 Read More |
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Vide Circular dated 26th September, 2024 SEBI provided exemption to members of ICMAI from seeking registration as Investment Advisers with SEBI. Read More |
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Half-yearly Internal Audit of stock brokers/trading members/clearing members as prescribed by Securities Exchange Board of India (SEBI) vide circular no MRD/DMS/Cir-29/2008 dated October 21, 2008 read with SEBI circular No. MIRSD/ DPSIII/ Cir-26/ 08 dated August 22, 2008. Read More Read More |
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Internal Audit for Credit Rating Agencies (CRAs) as prescribed by Securities Exchange Board of India vide circular no SEBI/MIRSD/CRA/Cir-01/2010 dated January 06, 2010. Read More |
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| Security Exchange Board of India considered the practicing Cost Accountants to carry out share reconciliation audit of issuer companies under the Regulation 76(1) of SEBI (D&P) Regulations, 2018. | ||
| 13 | Telecom Regulatory Authority of India (TRAI) | Audit for Metering and Billing Accuracy – authorised to conduct audit for Telecom Regulatory Authority of India (TRAI). Read More |
| Audit of Digital Addressable System -in accordance with the regulatory framework for digital addressable systems comprising of the “Telecommunication (Broadcasting and Cable) Service Interconnection (Addressable Systems) Regulations, 2017, “Telecommunication (Broadcasting and Cable) Services Standards of Quality of Service and Consumer Protection (Addressable Systems) Regulations, and“Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff Order, 2017. Read More Read More | ||
| 14 | Central Electricity Regulatory Commission (CERC) | Central Electricity Regulatory Commission (Procedures for calculating the expected revenue from tariffs and charges) Regulations, 2010 vide No. L-1/9/2009/CERC dated dated: 12.4.2010 Cost Accountants are authorized as auditor in the Definitions of Auditor under Para 2(d). Read More |
| 15 | Various State VAT Act/ Rules | Statutory Auditors under Value Added Tax Act of States. Please refer Annexure – II. |
| Sr.no | Statue/ Authority | Description |
| Certification Areas | ||
| 1 |
Companies Act, 2013 |
Certifying e-forms which are to be filled by companies under Companies Act and Rules. Read More |
| 2 | Department for Promotion of Industry and Internal Trade (DPIIT) | Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry authorizes Cost Accountants for certification in its Corrigendum dated October 9, 2023 to the Guidelines dated June 4, 2021, for the Production Linked Incentive (PLI) Scheme for promoting domestic manufacturing of White Goods (Air conditioners and LED Lights). Read More Guidelines |
| 3 | Central Excise Act, 1944 | Circular No. 692/08/2003-CX dated 13th February, 2003 Certificate of Cost of production of captively consumed goods as per Rule 8 of Central Excise Act, 1944 in accordance with Cost Accounting Standard CAS – 4 issued by the Institute. Read More |
| 4 | Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000 | Circular No.643/34/2002-CX dated 1st July, 2002 Certificate for Average Cost of Transportation as per Rule 5 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000. Read More |
| 5 | Central Electricity Regulatory Commission (CERC) | Certification of various forms prescribed under the Central Electricity Regulatory Commission (CERC). Central Electricity Regulatory Commission (Procedure, Terms and Conditions for grant of trading licence and other related matters) Regulations, 2020 NOTIFICATION No. L-1/253/2019/CERC Dated: 2 nd January, 2020 Read More |
| 6 | Customs Act, 1962 | Certificate towards the amount of duty paid on the materials used for the manufacture of exported goods as indicated in Forms DBK-I,II, IIA,III, IIIA under Customs Act, 1962. DBK |
| 7 | Directorate of Advertising and Visual Publicity (DAVP) | Certificate towards the authenticated figures of circulation, as per the Annexure XII of the DAVP guidelines representing a statement signed by the both publisher and Cost Accountant with their officials seals giving the details of newsprint and ink stored and consumed during the period. Read More |
| 8 | Fertilizer Industry Coordination Committee (FICC) |
Certificate of product wise position of production dispatches stock etc. for the year (Annexure III–A) under FICC. Issuance of various certificates as prescribed by Fertilizer Industry Coordination Committee (FICC) in respect of certifying Cost Data for Subsidy Scheme, Transportation Claims, Escalation Claims and Equalize Freight Claims. |
| 9 | Insurance Regulatory and Development Authority (IRDA) | Certification of Application for License and renewal thereof to act as Surveyor and Loss Assessor under Insurance Regulatory and Development Authority (IRDA) Read More |
| 10 | The International Financial Services Centre Authority: authorized Cost Accountants to issue certificate |
for Companies registering in the Insurance Business that all compliances of the IFSCA Act has been complied with by the Companies under International Financial Services Centres Authority (Registration of Insurance Business) (Amendment) Regulations, 2021 vide IFSCA/2021-22/GN/REG019 dated 4.1.2022 Read More for Insurance Intermediary of their paid up capital and net worth and also to certify that regulatory requirements has been complied with by the insurance intermediaries under International Financial Services Centres Authority (Insurance Intermediary) (Amendment) Regulations, 2021 vide IFSCA/2021-22/GN/REG020 dated 4.1.2022. Read More |
| 11 | Ministry of Commerce and Industry |
Issuance of various certificates under Foreign Trade Policy & Procedures 2015-20 and Aayat Niryat (Import and Export) Forms (ANF). Vide F.No.01/94/180/468-Appendices/AM12/PC4 dated 11th October 2012, Cost Accountants are authorized to authenticate various forms and statements, under Foreign Trade Policy & Procedures 2015-20 issued by the Ministry of Commerce and Industry. Please refer Annexure – III. Directorate General of Foreign Trade ( DGFT ) has issued a Public Notice 06/2015-2020 dated 07th May, 2019 to amend Form ANF-3B for claiming Services Exports from India Scheme (SEIS) benefits under Foreign Trade Policy 2015-2020. Read More Certifying Performa CI & C2 under Anti–Dumping as prescribed by Ministry of Commerce & Industry. Certifying Statement of cost of production for Anti-dumping petition to Government of India. Certificate for verification of Local content in case of procurement for a value in excess of Rs. 10 Crores. ( Order No. P-45021/2/2017-B.E.-II dated 15th June, 2017 on Public Procurement (Preference to Make in India), Order, 2017).
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| 12 | Special Economic Zones |
Department of Commerce, Ministry of Commerce and Industry vide notification dated 7.3.2019 issued Special Economic Zones (2nd Amendment) Rules, 2019 and consider Cost Accountants at par with Chartered Accountants for certification of Form-I Annual Performance Report for Units under Rule 22 of Special Economic Zones Rules, 2006. Read More
Ministry Of Commerce and Industry vide notification dated 19th September 2018 amended the Special Economic Zones Rules, 2006, Cost Accountants are authorized to certify the half-yearly certificate for the period ending 31st March and 30th September of every financial year regarding utilization of goods and services submitted by developer under sub-rule (7) of Rule 12. Read More |
| 13 | Ministry of Consumer Affairs, Food and Public Distribution | Annual utilization certificate under Incentive Scheme for New Sugar Factories and Expansion Projects vide Notification No. F.3 (4)/89-PC/Vol.IV of Ministry of Food Dated 28th February, 1997. Read More |
| 14 |
Ministry of Textile |
Certificate of fulfillment of Hank Yarn obligation for Textile Industry and Textile Committee Cess – Monthly Return in Form – A. Hank Yarn Circular |
| 15 | National Pharmaceutical Pricing Authority (NPPA) | Certification of various Forms as mentioned in SECOND SCHEDULE of Drugs (Prices Control) Order, 1995; Read More THE DRUGS (PRICES CONTROL) ORDER, 2013 |
| 16 | Rubber Board Rubber Rules, 1955 | Certifying half yearly return in Form ‘N’ for Quantity of Rubber purchased & consumed by manufacturers under rule 33 (f) of the Rubber Rules, 1955. Read More |
| 17 | Telecom Regulatory Authority of India (TRAI) | Reporting and Audit for System on Accounting Separation- Certification Work Telecom Regulatory Authority of India (TRAI). Read More |
| 18 |
e-Mudhra |
Join us as a Partner for issuing e-Mudhra Digital Certificates. Read more |
| 19 | Ministry of Finance, Department of Expenditure | Certification regarding average annual financial turnover of bidder :Annexure 9 Sample Prequalification Criteria of Manual for Procurement of Goods 2017 Read More Read More |
| 20 | Central Board of Indirect Taxes and Customs | Central Board of Indirect Taxes and Customs vide its Circular No. 226/20/2024-GST Dated the 11th July, 2024 authorized Cost Accountants for Certifying the additional foreign exchange remittance on account of upward revision in price of the goods subsequent to export under para 6 (g) of the Circular. |
| 21 | Bureau of Indian Standards |
Bureau of Indian Standards included Cost Accountants for the purpose of authentication of production statement in the Guidelines for Renewal of Licence (RoL) as per the conformity assessment Scheme – I of Schedule – II of BIS (Conformity Assessment) Regulations, 2018 |
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| Sr.no | Statue/ Authority | Description |
| Companies Act, 2013 | ||
| 1 | Companies Act, 2013 Section 148 (2) | Vide Companies (Cost Records and Audit) Rules, 2014, G.S.R. No. 425 (E) dated 1st July, 2014 and amendment thereof issued on 31st December 2014. under section 148(2), ibid Cost Accountants are exclusively authorized to appoint as Cost Auditor and conduct Cost Audit as per the provisions of the Companies (Cost Records and Audit) Rules, 2014. Read More Read More Read More |
| 2 |
Section 2(38) |
An expert who has the power or authority to issue a certificate in pursuance of any law for the time being in force. Read More |
| 3 | Section 7(1)(b) | Declaration in the prescribed form no. INC.8. form no.INC 14 that the memorandum and articles have been drawn as per the provisions and in conformity. Read More |
| 4 | Form DIR – 12 | Sections 7(1)(c), 168 & 170(2) and rule 17 of the Companies (Incorporation) Rules 2014 and 8, 15 & 18 of the Companies (Appointment and Qualification of Directors) Rules, 2014 – Particulars of appointment of Directors and the Key Managerial Personnel and the changes among them in form no. DIR 12. Read More |
| 5 |
Form INC – 14 |
Declaration that the draft memorandum and articles of association have been drawn up in conformity with the provisions of section 8 in form No. INC.14. Read More |
| 6 | Form INC – 21 | Section 11(1)(a) read with Rule 24 of the Companies (Incorporation) Rules, 2014- Declaration prior to commencement of business or exercising borrowing powers in form No. INC 21. Read More |
| 7 | Form INC – 22 | Section 12(2) & (4) and Rule 25 and 27 of The Companies (Incorporation) Rules 2014- Notice of situation or change of situation of registered office in form no. INC 22. Read More |
| 8 | Form – PAS 3 | Section 39(4) and 42 (9) and Rule 12 and 14 Companies (Prospectus and Allotment of Securities) Rules, 2014- Return of Allotment in form no. PAS 3. Read More |
| 9 | Form – SH7 | Section 64(1) and pursuant to Rule 15 of the Companies (Share Capital & Debentures) Rules, 2014 - Notice to Registrar of any alteration of share capital in form no. SH 7. Read More |
| 10 | Form – CHG 9 | Sections 71(3), 77, 78 & 79 and pursuant to Section 384 read with 71(3), 77, 78 and 79 and Rule 3 of The Companies (Registration of charges) Rules 2014 Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures in form no. CHG 9. Read More Read More Read More Read More |
| 11 |
Form – CHG 1 |
Sections 77, 78 and 79 and pursuant to Section 384 read with 77, 78 and 79 and Rule 3(1) of the Companies (Registration of Charges) Rules 2014- Registration of creation, modification of charge (other than those related to debentures) including particulars of modification of charge by Asset Reconstruction Company in terms of Securitization and Reconstruction of Finance Assets and Enforcement of Securities Act, 2002 (SARFAESI) in form no. CHG 1. Read More Read More Read More |
| 12 | Form – CHG 4 | Section 82(1) and Rule 8(1) of the Companies (Registration of charges) Rules 2014- Particulars of satisfaction of charges thereof in form no. CHG 4. Read More |
| 13 | Form – MGT 14 | Section 94(1), 117(1) and section 192 – The Companies Act, 1956- Filing of resolutions and agreements to the Registrar in form no. MGT 14. Read More Read More Read More |
| 14 |
Section 137 |
Under form no. AOC – 4 disclosures of related party transactions. Read More |
| 15 | Section 143 | Report to the Central Government if a fraud is being or has been committed against the company by officers or employees of the company. Read More |
| 16 | Section 149(4) | Section 149 (4) read with Rule 5 of the Companies (Appointment and Qualification of Directors) Rules, 2014: Independent Director Possess skills, experience and knowledge in one or more fields inter alia finance to be an Independent Director. Read More |
| 17 | Section 153 | Section 153 and & Rule 9(1) of The Companies (Appointment and Qualification of Directors) Rules, 2014 & Rule 10 of Limited Liability Partnership Rules, 2009: Digital verification of the Form DIR-3: Application for allotment of Director Identification Number Read More |
| 18 | Section 196 | Section 196 read with Section 197 and Schedule V of the Companies Act, 2013 and pursuant to Rule 3 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014- Return of appointment of key managerial personnel in form no. MR 1 Read More |
| 19 | Section 196, 197, 200, 201(1), 203(1) | Section 196, 197, 200, 201(1), 203(1) and Schedule V & Rule 7 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014- Form of application to the Central Government for approval of appointment and remuneration or increase in remuneration or waiver for excess or over payment to Managing Director or Whole Time Director or Manager and commission or remuneration to Directors in form no. MR 2. Read More |
| 20 | Section 232(7) | Declaration of compliance alongwith Statement to be filed with Registrar of Companies. Read More |
| 21 | Section 247(1) | Eligible to apply for being registered as a valuer. Read More |
| 22 | Section 259(1) | Appointment as Company Administrator by the tribunal. Read More |
| 23 | Section 275(1) | Appointment as Company liquidator for winding up of the Company. Read More |
| 24 | Section 366 | Application by a company for registration in Form No. URC–1. Read More |
| 25 | Section 409(3) | Appointment as Technical person of Tribunal (15 years of experience is required) Read More |
| 26 | Section 432 | Appearance in the Tribunal for public examination of promoters/directors. Read More |
| 27 | Section 455(1) | Section 455(1) read with Rule 3 of The Companies (Miscellaneous) Rules, 2014 – Application to Registrar for obtaining the status of dormant company in form no. MSC 1 Read More |
| 28 | Section 455(5) | Section 455(5) and Rule 7 and 8 of the Companies (Miscellaneous) Rules, 2014- Return of dormant companies in form no. MSC 3. Read More |
| 29 | Rule 5(2) | Nidhi Rules, 2014- Return of statutory compliances in form no. NDH 1. Read More |
| 30 | Rule 5(3) | Nidhi Rules, 2014- Application for extension of time in form no. NDH 2. Read More |
| 31 | Rule 21 | Nidhi Rules, 2014- Half yearly return in form no. NDH 3. Read More |
| 32 | Rule 8(8) | As per Companies (Registration Offices and Fees) Rules, 2014, documents or form or application filed may contain a power of attorney issued to Cost Accountant. Read More |
| 33 | Form GNL – 1 | Rule 12(2) of the companies (Registration offices and Fees) Rules, 2014- Form for filing an application with Registrar of Companies in form no. GNL 1. Read More Read More |
| 34 | Form GNL – 3 | Rule 12(3) of the Companies (Registration offices and Fees) Rules, 2014 – Particulars of person(s) or key managerial personnel charged or specified for the purpose of sub-clause (iii) or (iv) of clause 60 of Section 2 in form no. GNL 3. Read More |
| 35 | Rule 20(3)(ix) | Rule 20(3)(ix) of the Companies (Management and Administration) Rules, 2014: Scrutinizer for supervising the Voting through electronic means (e-voting) process. Read More Read More |
| 36 | Form INC – 28 | Rule 31 of Companies (Incorporation) Rules, 2014 – Notice of the order of the Court or any other competent authority in form no. INC – 28. Read More Read More |
| 37 | Disclosure in Board's Report | MCA vide G.S.R. 725(E) dated 31st July, 2018 notifies Companies (Accounts) Amendment Rules, 2018 to include disclosure in Board's Report on Compliance of Maintenance of Cost Records as per Section 148(1) of the Companies Act, 2013. Read More |
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| Sr.no | Statue/ Authority | Description |
| Other Statutory Work | ||
| 1 | Central Board of Direct Taxes (CBDT) |
Central Board of Direct Taxes (CBDT): CBDT vide their Notification no. S.O. 2670(E) recognized Cost Accountants as e-return intermediaries; Read More Read More |
| 2 | National Securities Depository Ltd. | National Securities Depository Ltd. recognized Cost Accountants in the eligibility condition of e-return intermediaries. Read More |
| 3 | Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000 | Valuation Certificate for Cost of goods produced for Captive Consumption, in accordance with Cost Accounting Standard CAS – 4 issued by the Institute, under Rule 8 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000; Read More |
| 4 | Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000 | Certificate for Average Cost of Transportation, in accordance with Cost Accounting Standard CAS – 5 issued by the Institute, under Rule 5 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000; Read More |
| 5 | Customs and Central Excise Duties Drawback Rules, 1995 | Under Rules 6 and 7 of the Customs and Central Excise Duties Drawback Rules, 1995, the exporters may be asked to furnish the purchase invoice as to the procurement of the raw hides/wet blue leather. They should also furnish a certificate inter alia from the Cost Accountant as to the consumption and cost of processing chemicals used for its processing and other incidental overhead charges incurred; Read More |
| 6 | Customs Valuation (Determination of Value of Export Goods) Rules, 2007 | Under Rule 5 of Customs valuation (Determination of Value of Export Goods) Rules, 2007, the proper officer shall give due consideration to the cost-certificate issued by a Cost Accountant; Read More |
| 7 | Insolvency and Bankruptcy Code, 2016 | Regulation 5 and 9 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 authorized to act as an Insolvency Professional as per the section 206 and 207 of the Insolvency and Bankruptcy Code, 2016; Read More |
| 8 | Companies (Registered Valuers and Valuation) Rules, 2017 | Under Annexure IV of the Companies (Registered Valuers and Valuation) Rules, 2017, the Member of the Institute of Cost Accountants of India are recognised as Registered Valuer for valuation of Securities or Financial Assets. Read More |
| 9 | Calcutta High Court | Valuer: Members can now apply directly as ‘Valuer’ for empanelment of Calcutta High Court. Read More Read More |
| 10 | Maharashtra unaided Private Professional Educational ( Regulation of Admissions and Fees ) Act,2015 | Member of Fee Regulating Authority under Maharashtra unaided Private Professional Educational ( Regulation of Admissions and Fees ) Act,2015 Read More |
| 11 | Insurance Institute of India |
Vide letter dated 15th March 2018, Insurance Institute of India Relaxed five year period condition in respect of Institute of Cost Accountants qualified candidates for seeking Prior learning qualification for appearing in professional examination conducted by Insurance Institute of India. Read More |
| Sr.no | Statue/ Authority | Description |
| Appearance as an Authorized Representative | ||
| 1 | Companies Act, 2013 |
(a) Right to legal representation: Section 432 of the Companies Act 2013; Read More (b) Rights of a party to appear before the Bench: Regulation 19(2) of Company Law Board Regulations, 1991; Read More |
| 2 | Competition Commission of India (CCI) |
(a) Appearance before Commission: Section 35 of the Competition (Amendment) Act, 2007; Read More Read More (b) Right to legal representation: Appeal to the Appellate Tribunal: Section 53(1) of the Competition (Amendment) Act, 2007; Read More Read More |
| 3 | Central Board of Excise and Customs (CBEC) |
(a) Appearance by Authorized Representative: Section 35Q of the Central Excises Act, 1944; Read More Read More Read More (b) Appearance by Authorized Representative: Section 146A of the Customs Act, 1962; Read More (c) Appearance by Authorized Representative: Rule 2(c) of Customs, Excise and Gold (Control) Appellate Tribunal (Procedure) Rules, 1982; Read More |
| 4 | Central Electricity Regulatory Commission (CERC) | Authority to represent before the Commission: vide Notification No. 8/ (1)/99/CERC dated 27th August, 1999; Read More |
| 5 | Depositories Act, 1996 | Right to Legal Representations: Section 23C, Explanation (c) of Depositories Act, 1996; Read More |
| 6 | Income Tax Act, 1961 | Appearance by Authorized Representative: Section 288 of the Income Tax Act 1961 read with Rule 50 of the Income Tax Rules, 1962; Read More Read More Read More |
| 7 | Real Estate (Regulation and Development) Act, 2016 | Right to legal representation: Section 56 of the Real Estate (Regulation and Development) Act, 2016; Read More |
| 8 | Securities Exchange Board of India (SEBI) | Right to Legal Representations: Clause 22C under Conditions for listing: Chapter IV of Listing of Securities; Read More |
| 9 | Service Tax | Appearance by Authorized Representative: Section 96D (5) of the Service Tax Act 1994; Read More Read More |
| 10 | Special Economic Zone (SEZ) | Rights of appellant to appear before the Board: Rule 61 of the Special Economic Zone Rules 2006; Read More |
| 11 | Telecom Regulatory Authority of India (TRAI) | Right to Legal Representation before Appellate Tribunal as per Section 17 of TRAI Act, 1997; Read More |
| 12 | Value Added Tax Acts/ Rules | Cost Accountants are authorized to appear before authorities under VAT Acts/ Rules of various State Government(s). |
| 13 | Central Goods & Services Tax Act, 2017. | Appearance by authorized representative under Section 116 of Central Goods & Services Tax Act, 2017. Read More |
| Sr.no | Statue/ Authority | Description |
| Indian Banks Association (IBA) | ||
| 1 | Recognized Firms of Cost Accountants for Empanelment as Forensic Auditor for frauds. Read More Read More | |
| Reserve Bank of India mandated that in respect of all borrowing arrangement exceeding Rs. 500 crores, an Independent Evaluation Committee (IEC) would carry out an evaluation of the Techno-Economic Viability (TEV) and the proposed restructuring package. Number of Cost Accountants are members of “Independent Evaluation Committees (IEC) “. Read More Read More Read More | ||
| Advised all members Banks to engage Cost Accountants/Firms of Cost Accountants for Stock Audit and Risk Based Internal Audit and other Banking operations. Read More |
Cost Accountants in Employment:
As mentioned in the beginning, the Cost Accountants are most sought in the business world. There services are deemed vital in investment planning, profit planning, project management and overall managerial decision making process. Many members of the Institute are occupying the top positions in the organizations, as Chairman & Managing Director, Managing Director, Finance Director, Financial Controller, Chief Financial Officer (CFO), Cost Controller, Marketing Manager and Chief Internal Auditor etc.
Cost Accountants in Government Department:
Realising the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICoAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.
Cost Accountants in Education:
University Grants Commission (UGC) has notified “UGC Regulations on Minimum Qualifications for Appointment of Teachers and Other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education, 2010 vide its Circular No. F.3-1/2009 dated 30th June 2010.
The Regulations prescribe the minimum qualification for appointment of teaching faculty in universities and colleges in the area of Management/ Business Administration. The qualifications specified for appointment of Assistant Professor, Associate Professor and Professor in the above area and Principal/Director/Head of the Institution include First Class Graduate and professionally qualified Cost Accountant among other qualifications and subject to other requirements including qualifying NET/SLET/SET as the minimum eligibility condition for recruitment and appointment of Assistant Professors.
Further Academic pursuits:
- Recognised by the Academic Councils of many Universities in India for the purpose of admission to the Ph.D. courses in Commerce. Various Universities have recognized CMA qualification for registration as M.Phil. and Ph.D. candidates in commerce and allied disciplines.
- MOU between Indira Gandhi National Open University (IGNOU): As per MOU dated 11th July, 2008, IGNOU offers specialized B.Com and M.Com Programs for the students. The Students can simultaneously study the specialized B.Com (Financial & Cost Accounting) programme with the Institute’s Intermediate Course and specialized M.Com (Management Accounting & Financial Strategies) with the Institute’s Final Course. The details may be seen at Annexure-I.
