Practicing the profession
Practice as a Cost Accountant
A cost accountant may build up his own practice by obtaining a licence from the institute which would enable him to practice as a cost accountant, either individually or in partnership with one or more members of the institute in practice. His clients include private and public companies, large medium and small scale undertakings, partnership and proprietary concerns, industrial commercial and service undertakings.
The types of service a cost accountant may offer his clients are varied. Some of these are listed below:
Over 44 selected industries have been converted under statutory maintenance of cost accounting records under section 233-B of the same act, audit of the cost accounting records by a qualified cost accountant, have been prescribed. In addition to cost audit as instrumental in the protection of interest of consumers, Tax payer Investors and Government, a cost accountant is eligible for certification of Import/Export documents under the EXIM policy.
Cost and management accountants are entitled to certification job of import/export documents under the EXIM policy. Conduct special audit under section 14AA of the Central Excise Act and MODVAT credit availed of under section 14AA of the Central Excise Act.
CMA's are entitled to conduct VAT audit under various state VAT acts in the country.
Cost accountants are allowed to do special audit under the customs act 1962 by amending the manufacture and other operations in the warehouse regulations, 1966.
Acting as trustee, executor, administrator, arbitrator, receiver, appraiser, valuator, adviser, secretary or secretarial consultant or as a representative for financial matters including taxation, and taking up appointment that may be made by the Central or State governments, courts of law, Labour Tribunals or any other legal authorities.
Practicing as a management or tax consultant.
Other areas of his specialisation include:
Designing and introduction of systems
Control functions, such as inventories, debtors, working capital management, etc.
Capital projects – right from the state of feasibility studies upto preparation of project reports, recommendation as to choice among alternatives, profitability appraisals and execution of projects.
Studies of problems in capacity utilisation, raw materials substitution, etc.
Preparation of profitability forecasts for future periods for purposes of collaboration arrangements, financing arrangements and government assistance.
Certification of consumption for import application.
Deciding among alternative such as make or buy a part, hiring or buying an equipment, etc.
Advising in the matter of purchasing a business or planning or mergers.
Practicing the profession