CWA-Related....

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BALASUBRAMANYA B N

CCI STUDENT....

44687 Points Joined January 2009

General

Given below are some of the more common questions asked....

1. What is the job of Cost accountant ?

It is one of the most essential management services. It is a fairly new branch, a profession ushered in during the last century. With increase in competition and consequent economic pressures, cost and management accountancy has been finely interwoven into the main fabric of management. Collection, assimilation, collation and analysis of financial information from all areas of an organisation are the functions of a cost accountant. There is no denying the fact that an organisations success or failure is dependent on the quality of information made available to the management. This is where a cost accountants productivity is of vital importance to the company. It is his primary job to ensure that managerial decisions are well within the cost prescripttions. The cost accountant is expected to give a prognosis for projects to be undertaken based on past and present financial performances. In order to do this a cost accountant needs to take into account factors like cost of raw materials, labour, transport, overheads and the like. Knowledge of these costs will help the cost accountant prepare budgets for the operation that is planned. In a word the Cost Accountant can facilitate strategic decisions in respect of diverse economic activities of an organization where he/she is employed as an employee or deployed as consultant.

2. What is the nature of job of a cost accountant ?

A cost accountant specialises in navigating managerial decisions, stabilising budgets and standards, assessing operational efficiency and the effectiveness of production and service management, identifying accountability for profit variance and so on. His responsibilities include: designing and implementing effective management information and control systems, planning costing systems and methods, inventory control incorporating mathematical models, investment analysis, project management, internal audit, cost audit, diagnosis in the case of sick industries, fund management, pricing planning, interpreting information and data related to business activities and translating them in such a way as to guide the core management into taking the right decisions. Criteria The academic requirement is to pass the examination conducted by the Institute of Cost and Works Accountants of India (ICWAI).

3. Why you should study Cost Accountancy?

The core areas of three professional courses are different. The core area chartered accountancy is mainly to ensure compliance with the financial discipline and audit requirement etc. Similarly, the core area of MBA(Finance) is to know the art of regulating finance. You might be knowing that in an enterprise, here are three activities namely operations, marketing and finance. These three activities are co-related and it is always required to take strategic management decisions in respect of these three activities. Operation management, Marketing management and Financial management are the planks on which the edifice of strategic management rests. The curriculum of cost and management accountancy has been designed to equip its students with the modern tools of management so that they are in a position to facilitate the strategic management decisions in respect of the diverse economic activities of an organisation where they are employed or deployed as consultant. Morever, the earlier theory of cost +profit =price is not prevalent today rather the new equation price-cost = profit has emerged. Since price can not be changed in the competitive market, it is the cost which is required to be managed to retain the normal of profit of an organisation. After traversing the path of cost control, cost reduction, we have now entered into the arena of cost mangement. Cost Accountants are the best professional for this job.Hence, it is for you to make a choice amongst the three professions as mentioned above, keeping in view the requirement of the liberalised economy prevalent today.

4. How are the ICWAI examinations held ?

The ICWAI examinations are held in three stages Foundation ,Intermediate and Final. A candidate may appear for the Foundation examination after passing the plus two (twelfth standard) examinations and completing coaching either postal or oral.. The students are tested in Organisation and Management Fundamentals, Financial Accounting Fundamentals, Economics and Business Fundamentals and Business Mathematics and Statistics Fundamentals .The Foundation is waived in the case of gazetted officers, post graduates, qualified engineers holding a degree and graduates from other streams . They are generally allowed to register with the institute for the intermediate examination. For the intermediate exam, there are eight papers Cost and Management Accounting, Information Systems and Technology, Business Laws and Communication Skill, Business Taxation, Management Accounting-Performance Management, Advanced Financial Accounting, Auditing, Quantitative Methods. For the Final exam, there are eight papers-Operation and Project Management and Control, Advanced Financial Management and International Finance, Strategic Management and Marketing, Strategic Tax Management, Management Accounting-Decision Making, Management Accounting-Financial Strategy and Reporting, Cost Audit and Management Audit, Valuations Management and Case Study. The syllabus covered in the entire course includes book keeping and accountancy, production, productivity, cost effectiveness, cost accountancy, business mathematics and statistics, business and economic laws, principles of management, auditing, tax laws and tax planning, quantitative techniques and methods of cost and management accountancy. The institute has made it mandatory for registered candidates to undergo coaching either directly or through correspondence and training, before appearing for the examinations. The duration of the course through correspondence is eighteen months. With a view to bridge the gap between theoretical knowledge and to emphasis practical orientation training requirements for ICWAI students have been presented as given below:-Intermediate:-1.Group Discussions - 2 nos.2.Business Communication Seminars 2 nos. 3.Computers hands on 50 hours Final:1. Dissertation 5000 words. 2.Computer Hands on 100 hours 3.Modular training 15 days 4.Audit / Industrial training 6 months

5. What are the qualities essential for cost accountancy ?

As for personal traits, the first requirement is that one needs to be a native numerate. Of course, academic abilities too top the list alongside. Other equally important requirements are an ability to communicate (both written and spoken) concisely, a keen business sense and the ability to negotiate. The job calls for a high sense of motivation, concentration and determination. Regional councils and other institutes recognised by the Directorate of Studies of the ICWAI conduct these classes. Examinations are held twice in the year. The Cost and Work Accountancy course may be completed over a period of three years.

6. What does the future hold?

Once a candidate has passed the examination, there are several options ahead of him. He could either serve in an industry or opt for government service. There is plenty of scope in the banking and insurance sectors. The government has made it mandatory cost audit for forty eight classes of companies. This very fact throws up tremendous opportunities for one. There is always the option of practising as a consultant. A third option is to impart teaching at institutes or at universities. Higher academic pursuit for a doctorate is also possible. The ICWAI programme has been recognised by Association of Indian Universities for admission to Ph. D courses in commerce and allied subjects. The returns: For a cost accountant, there is no fixed pay scale. It depends entirely on the organisation that he is employed in.

7. What is the List of Indian Cost and Works Accountant Institutes ?

Head Office The Institute Of Cost and Works Accounts of India, 12, Sudder Street, Kolkata-700 016 having Website address www.icwai.org or www.myicwai.com Regional offices: Northern India Regional Council of the ICWAI, 3, Institutional Area ,Lodhi Road, New Delhi-110 003. Western India Regional Council of the ICWAI, Rohit Chambers, 4th Floor, Janmabhoomi Marg, Fort, Mumbai-400 001, Southern India Regional Council of the ICWAI, 4, Montieth Lane, Egmore, Chennai-600 008. Eastern India Regional Council of the ICWAI, 84, Harish Mukherjee Road, Kolkata-700 025.

8. Equivalence of ICWAI qualification with International academic standard

A7 The minimum requirement of entry in the ICWAI Course is Graduation. A candidate who has passed the final examination of ICWAI and having a Graduation degree can register himself for Ph.D course in Commerce and allied areas. In response to our letter the Association of Indian Universities (AIU){vide their letter no. EV/II{2}/2000/179741 dated November 29, 2000} clarified that recognition awarded by AIU is generally accepted by the Universities in our country. As the Final Examination of the Institute of Cost and Works Accountants of India (ICWAI) has already been recognized by AIU, they do not anticipate any difficulty to be faced by the ICWAI candidates in the matter of acceptance of their qualification as sufficient for registering for Ph D/M Phil. From the above it is quite clear that the Cost Accountancy qualification is not less than Post Graduate qualification. The total period of a person is required to complete Post Graduation in Indiais 10 + 2 + 3(for Graduation) +2 (for Post Graduation) i.e. 17 years.The person is required to spend 18 years minimum for obtaining the degree of ICWAI. The breakup is given below : 10 + 2 + 3(for Graduation) + 3(for ICWAI qualification) i.e. 18 years in total. Hence, ICWAI course is more than the Post Graduation Course offered by the Universities in India.

Career Chart for Cost Accountants

Higher Secondary (class 10+2) Passed Candidates
Then comes the Foundation Examination
Intermediate Course (18 months minimum)
[Direct admission for graduates (any discipline)]
After passing the Intermediate Examination
Final Course (18 months minimum)
Final Examination Passed Candidates with 3 years Practical Experience
Cost Accountants (Members of the Institute)

Those who are known as
"Cost Accountants" in India are called "Management Accountants " all over the World
It is our another name

Replies (9)

BALASUBRAMANYA B N

CCI STUDENT....

44687 Points Joined January 2009

Students FAQ

BALASUBRAMANYA B N

CCI STUDENT....

44687 Points Joined January 2009

Training Scheme

Given below are some of the frequently asked questions ....

Questions

Answers

1. I registered as Student with the Institute before 1^st January 2008 for pursuing Intermediate Course but no examination could be passed by me as on 31^st December 2007. Am I required to register for Practical Training for 3 years?

Students registered prior to 1.1.2008 the and opting to switch over to Revised Syllabus, 2008 shall not be required to undergo practical training of 3 years.

Such students shall have to only undergo Audit / Industrial Training for 12 months.

(This is also applicable to students who have completed their intermediate Course under Syllabus 2002 or earlier and have enrolled for final course under Revised Syllabus 2008)

2. I have completed Intermediate Course on or before 31^st December 2007 term, Am I required to undergo compulsory practical training of 3 years?

Even though you are required to register for your Final Course in the Revised Syllabus 2008, the practical training scheme for 3 years is not applicable to you. You are required to undergo and complete Industrial Training for a period of 6 months with Practising Cost Accountant or Firm of Practising Cost Accountants or alternatively one year with an Industry as per old syllabus applicable to you.

3. I registered with Institute on or after 1^st January 2008 but before registration for ICWAI course, I was undergoing Articleship training with Chartered Accountant or Firm of Chartered Accountants. Whether, articled training period with Chartered Accountant or Firm of Chartered Accountants will be recognized for the purpose of practical training period?

No, articleship training under Chartered Accountant(s) or Firm of Chartered Accountants is not allowed, whether taken before admission or during ICWAI course.

4. When am I required to pay Training Registration Fee?

You are required to pay Training Registration Fee of Rs. 1,000/- (Rs. One thousand only) at the time of registering yourself for Intermediate Course. You are required to fill up Form T2 to submit to the respective Regional Council, who will verify the form and send it to Delhi Office.

5. What documents are to be submitted in support of undergoing Training with the empanelled Organization?

The following Documents should be sent to Delhi Office within 45 days from the date of joining an organization towards registration of training period:

Letter from Organization engaging Student as Cost & Management Trainee;
Attested copy of Form T2 duly verified by the respective Regional Council/ Chapter mentioning receipt of requisite Training Registration Fee from the student claiming exemption;
Original applicable Deed (to be executed by employer and trainee)

6. When can I be exempted from undergoing practical training of 3 years?

You will get exemption from undergoing practical training equivalent to your working experience in the Organizations listed below provided you are working/worked in the recognized areas listed below:

Organizations recognized for Training: (i) Central/State Government / Semi-Government / Public Utilities (ii) Banks and other Financial Institutions (iii) Insurance Company (iv) Public Sector Unit (v) Public Limited Company (vi) Private Limited Company (vii) Information Technology Sector (viii) KPO / BPO (ix) Stock Exchange (x) Universities, Management Institutes and any other educational institute (xi) Limited Liability Partnership Firm (xii) Management Consultancy Firms (xiii) NGO (xiv)Co-operative societies engaged in Banking or Manufacturing and (xiii) Any other institution as approved by the Council from time to time

Recognized areas for Training: (i) Cost Accounting (ii) Financial Accounting (iii) Financial Management (iv) Auditing (v) Regulatory compliances (vi) Direct Taxation (vii) Indirect Taxation (viii) Corporate Laws, Industrial Laws and Commercial Laws (ix) Systems Analysis and Information Technology (including ERP system) (x) Project Management (xi) Banking Operations (xii) Insurance (xiii) Valuation (xiv) Financial Services (xv) Teaching in Finance, Accounts, Costing, Taxation, Management and subjects covered in ICWAI Syllabus (other than visiting faculty) (xvi) Management Consultancy Services (xvii) Any other areas approved by the Council from time to time.

7. If I am not working in the recognized areas for training but working in an recognized Organization(s), will I get the exemption from practical training?

Yes, but not full period of 3 years. You will get exemption equivalent to your working experience not exceeding 2 years and 6 months. You have to either gain working experience/or undergo training for a period of six months in the recognized areas of training in your Organization itself or in other recognized Organization(s) as listed above.

8. If I take training with my present employer, how will training taken by me for six months be recognized by the Institute?

Based on the Certificate issued by your employer mentioning total duration of your employment with them, out which you had undergone training for ___ months in the areas namely______.

9. When should I pay training exemption fee?

The students who are already employed, they have to register with Institute within 45 days from the date of registration by sending exemption fee of Rs. 2,000/- (Rs. Two thousand only) by Demand Draft favouring ICWAI payable at New Delhi to Director (Training & Placement), ICWAI Bhawan, 3 Institutional Area, Lodhi Road, New Delhi-110 003.

10. What documents are to be submitted to claim the exemption?

The following Documents should be sent to Delhi Office within 45 days from the date of registration to claim the exemption:

(i) Application in Form T3 for claiming exemption from practical training.

(ii) Attested copy of the Experience Certificate (if more than one employer, attach all the certificates from respective employers). Experience Certificate(s) should clearly mention the areas where student was/is working;

(iii) Demand Draft of Rs. 2000/- towards exemption;

(iv) Attested copy of Form T2 duly verified by the respective Regional Council/ Chapter mentioning receipt of requisite Training Registration Fee from the student claiming exemption.

11. Are both part experience and part practical training period counted for reckoning 3 years period?

A student who is already employed but does not have full years experience at the time of registration but intends to be employed with the present employer or future employer, but would meet the eligibility conditions as per Training Scheme of the Institute, will be granted exemption on completion of required period of 3 years. However, students who intend to claim exemption need to apply within 45 days of their registration with Institute as student.

A student who has part experience at the time of registration and wants to undergo training for the balance period of 3 years, they are allowed for the same. Both periods will be reckoned for the purpose of training.

12. When should I start the Practical Training, with the registration or during the Course?

No specific time period has been given in the Training Scheme. You can start the practical training immediately on registration or during Intermediate Course or Final Course examination. Only requirement is that you have to complete 3 years training period or gained practical experience in the recognized areas of training in the recognized Organization(s) the listed above.

13. If I am not able to search the employer, can Institute help me to join an Organization who imparts training under the Training Scheme of the Institute?

If you are not able to find an employer who can impart the training, you may visit the website of the Institute: www.icwai.org/students-train.asp, where a List of Practising Cost Accountants as well as Organizations imparting training is given and you may search these Organizations ,City-wise, and Pin Code number wise and approach them with your resume for tying up for Practical Training.

14. When am I required to submit the Deed executed by me and employer? From where can I get the Form of Deed?

There are two types of Forms for Deed, one applicable to Practising Cost Accountants and other applicable to Organizations. The Formats of both deeds are given at our website: www.icwai.org/students-train.asp, which could be downloaded in order to save the time for getting the deed form typed afresh and get it executed on the Stamp paper of requisite value. The Original deed should be submitted to: Director (Training & Placement), ICWAI Bhawan, 3 Institutional Area, Lodhi Road, New Delhi-110003, within 45 days of its execution.

15. How much stipend will be paid by an Organization to me during training period?

The Institute has prescribed minimum stipend rates payable by Practicing Cost Accountants and by the Organizations. The rate of minimum stipend depends on place of posting for training. Place of training is determined according to population as per the last published census report by Government of India.

A. The minimum stipend rates payable by Practising Cost Accountant or Firm of Cost Accountants to Cost and Management Trainee are as follows:

Place of training	1^st Year	2^nd Year	3^rd Year
Town having population upto 5 lakhs	Rs 1000	Rs 1250	Rs 1500
Town having population more than 5 lakhs but upto 20 lakhs	Rs 1250	Rs 1500	Rs 2000
Town having population more than 20 lakhs	Rs 1500	Rs 2000	Rs 2500

B. The minimum stipend rates payable by an Organization to Cost and Management Trainee are as follows:

Place of training	1^st Year	2^nd Year	3^rd Year
Town having population upto 5 lakhs	Rs 3000	Rs 3500	Rs 4000
Town having population more than 5 lakhs but upto 20 lakhs	Rs 3500	Rs 4000	Rs 4500
Town having population more than 20 lakhs	Rs 4000	Rs 4500	Rs 5000

Note: The stipend shall be paid by the principal to the Cost & Management Trainee either by (a) a crossed A/c payee cheque every month or (b) by depositing the amount every month in an account opened by the trainee in his own name with a Branch of the Bank to be specified by the Principal.

16. Am I eligible for any leave and preparatory leave for institute?s examination?

Yes, the Deed to be signed by the trainee with the Organization or Practising Cost Accountant with the provision that the principal will allow the Cost and Management Trainee, in addition to one normal weekly off and public holidays, one day's leave per month without reduction/loss of stipend and one month leave without stipend for appearing in the examination of the Institute.

17. Can I avail leave in excess of my entitlement? If I avail excess leave, what would be consequences?

The trainees availing leave in excess of the period of leave to which he is entitled to shall be required to undergo training for a further period equivalent to the excess leave taken by him.

18. Am I eligible for public holiday and weekly off?

Yes, you are entitled to all weekly off and public holidays as rules and regulations of the concerned Organization or of Practising Cost Accountant or Firm of Cost Accountants.

19. What would be working hours? Is there any minimum hours prescribed under the training scheme?

You have to follow working hours of the concerned Organization or Practising Cost Accountant or Firm of Cost Accountants. The Cost & Management Trainee is required to work atleast for 35 hours per week with concerned Organization or Practising Cost Accountant or Firm of Cost Accountants.

20. I may spend some time on conference, course, seminar organized by the Institute, will this period be treated as training period?

Yes, hours spent on any conference, course, seminar organized by the Institute/Region/Chapter shall be treated as period covered under training.

21. Who are entitled to impart training under the Training Scheme of the Institute?

Practising Cost Accountants, Firms of Cost Accountants and Organization recognized by the Institute are entitled for imparting training to ICWAI students.

22. Is there any limit for engaging trainees by Practising Cost Accountant or Firm of Cost Accountants or Organizations?

Yes, the Institute prescribed the limit for imparting training by all of them. The limit is set individually for Practising Cost Accountant based on his Associate/Fellow membership with the Institute. Associate practising member is entitled to train maximum 5 trainees whereas Fellow practising member entitlement is maximum 10 trainees. This limit is fixed irrespective of his being partners in number of firms i.e. being partner in a number firms will not increase his entitlement to train cost & management trainee and his entitlement will be determined individually and not on the basis of firms.

Similarly, Organizations have the following limits for engaging students as Cost & Management trainees:

Having annual turnover less than Rs 10 crores	5
Having annual turnover more than Rs 10 crores but less than Rs 100 crores	10
Having annual turnover above Rs 100 crores	10 plus one trainee for every additional Rs 100 crores, subject to maximum number of trainees 500 in an organization.

23. What would happen if I am not able to complete the full period of 3 years as trainee by the time I pass final examination to complete course of ICWAI?

You shall be issued pass Mark sheet or statement. The Certificate of Final pass will be kept on hold, till completion of full period of 3 years as trainee.

24. Can I join any Organization(s) based on Mark sheet or Statement and complete balance period of 3 years practical training/experience?

Yes

25. If I want to undergo practical training in an Organization as per my choice but its name is not appearing in the empanelment list, can I get training from that Organization?

Yes, but that Organization has to empanel with the Institute to impart training as per Institute Training Scheme. Empanelment can be done by downloading the Form T4 from the Institute website: www.icwai.org/students-train.asp. The duly filled in form along with Balance Sheet to verify the Turnover figure by the Institute should be sent to Delhi Office.

26. Can I change the employer during training period?

Normally, employer once selected should not be changed. However, in exceptional cases, such change can be allowed by the Institute after paying training re-registration fee of Rs. 300/-. Students may note that such change made by student suo motu without the knowledge of Institute is not allowed. Any training taken without the permission of the Institute would not be recognized.

27. What documents should be submitted to the Institute after completion of Training?

After completion of 3 years training, the following documents (in original) for recognition of training period should be submitted to the Institute:

1. Employer certificate duly signed by Competent Authority mentioning period of training and areas covered by the Cost & Management Trainee during training with the particular Organization; and

2. Where training from more than one Organization is allowed by the Institute, all certificates issued by respective employers.

28. From where can I get complete Training Scheme to verify the Organizations recognized for training and for recognized areas for Training?

Training Scheme is provided at the link: www.icwai.org/students-faq-trg.asp.asp

BALASUBRAMANYA B N

CCI STUDENT....

44687 Points Joined January 2009

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BALASUBRAMANYA B N

CCI STUDENT....

44687 Points Joined January 2009

Professional Avenues for Cost Accountants

Practice as 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 clientele include private and public companies, large, medium and small scale undertakings, partnership and proprietary concerns, industrial, commercial and service undertakings etc. The types of service a cost accountant may offer his clients are varied. Some of these are listed below:

Maintenance of Cost Records

As per Section 209 (1)(d) of the Companies Act, certain companies are required to maintain cost records pertaining to any class of companies engaged in production, processing, manufacturing or mining activities, such particulars relating to utilization of material or labor or to other items of cost as may be prescribed, if such class of companies is required by the Central Government to include such particular in the books of account. The cost accountants may assist these companies in maintaining the cost records relating to above.

Cost Audit

Where in the opinion of the Central Government it is necessary so to do in relation to any company required under clause (d) of sub-section (1) of section 209 to include in its books of account the particulars referred to therein, the Central Government may, by order direct that an audit of cost accounts of the company shall be conducted in such manner as may be specified in the order by a cost accountant.

Ministry of Corporate Affairs, the Cost Audit Branch, under section 209 (1) (d) formulates & notifies Cost Accounting Records Rules (CARRs) for various industries. Such rules prescribe the manner in which cost records are to be maintained by specified class of companies. The Branch also undertakes rationalization of existing CARRs to reflect the changes in technology, manufacturing processes and accounting standards.

Under section 233B, orders are issued to individual companies for conducting cost audit of cost records in accordance to Cost Audit Report Rules from a Cost Auditor appointed by the Board of Directors with the prior approval of the Ministry. 44 selected industries have been covered under statutory maintenance of cost accounting records under section 233-B of the Company Act.

Important industries/products so far covered by CARRs can be broadly classified as under:

Agriculture Inputs: Insecticides, Fertilizers, Electricity and Diesel.
Consumer Products: Milk Food, Sugar, Vanaspati, Tea, Coffee, Textiles, Paper, Jute Goods, Bulk Drugs & Formulations, Soaps & Detergents, Footwear, Cycles, Tyres & Tubes, Air- Conditioners & Refrigerators, Motor Vehicles, Cement, Electronic Products, Electric Lamps, Fans, etc.
Industrial Products: Steel Plants, Steel Tubes & Pipes, Electric Motors, Power driven Pumps, IC Engines, Transformers, Generators & Machine Tools and Bearings, Electric Cables & Conductors, Motor Vehicles, Industrial Alcohol, Aluminium, Rayon, Nylon, Polyester & Dyes, Chemicals, Mining and Metallurgy, Petroleum Products & Industrial Gases, and Generation of Electricity.
Services Sector: Transmission & Distribution of Electricity and Telecommunication services.
Click here for: Annexure-1

Audit and other Work

The Cost Accountants are authorised to conduct audit and other as follows:

Statutory Auditors under Value Added Tax Act of States: Many States have authorised Cost Accountants for auditing, certification of returns and to appear as authorised representative on behalf of their clients under the Acts. The list of States where Cost Accountants are authorised to conduct VAT Audit is given at Annexure-2.
Central Board of Excise and Customs (CBEC) authorizes Cost Accountants in practice for the following work:
1. Special Audit under Section 14A & 14AA of the Central Excise Act 1944;
2. Certification of refund of additional duty of Customs on the goods imported for subsequent sale under Indian Customs Act;
3. Special Audit in certain cases under Section 11 of Customs Act, 1962, The Chief Commissioner of Customs may, for reasons to be recorded in writing, direct a manufacturer to get the accounts of his warehouse, office, stores, godowns, factory, depot, or other establishment audited by a Cost Accountant, nominated by him in this behalf.
4. 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;
5. Under the Fixation of brand rate of Drawback without pre-verification - Simplified procedure Scheme, unless there are any special reasons, drawback rates are to be fixed without pre-verification of the date filed, (which should be duly verified by the applicant and Chartered Accountant/ Chartered Engineers / Cost Accountant) and the exporter would be authorised by provisional brand rate letters issued by the Ministry to claim the drawback rate considered admissible from the concerned Customs House (s);
6. 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 from the Chartered Accountant/Cost Accountant as to the consumption and cost of processing chemicals used for its processing and other incidental overhead charges incurred;
7. The Commissioner of Customs/Central Excise may direct the concerned developer to get his accounts audited by a Cost Accountant nominated by him in this behalf. The expenses of and incidental to such audit shall be borne by the concerned developer, vide Circular No. 52/2002-Customs dated 14th August, 2002;
8. Accepting services of the Cost Accountant’s may also be considered by the respective Commissionrates depending upon the extent of complexity of the cases as provided under Circular No.04/2006 dated 12th January, 2006 in respect Computation of freight of time chartered/daughter vessel and its inclusion in the assessed value as extended cost of transportation;
9. Certified Facilitation Centres (CFCs)- under ACES-CBEC Scheme: As per MOU with Central Board of Excise and Customs (CBEC), Ministry of Finance, Government of India, Cost Accountants are authorised to act as facilitators under Certified Facilitation Centre Scheme in filing various Excise and Service Tax Returns under the provisions of Central Excise Act and Service Tax Act.
Compliance Audit of Reserve Bank of India (India's Central Bank) for the purpose Lending under Consortium Arrangement / Multiple Banking Arrangements, the banks are required to obtain regular certification from professional like Cost Accountants regarding compliance of various statutory prescripttions that are in vogue.
Half-yearly Internal Audit of Stock Brokers and Credit Rating Agencies as prescribed by Securities Exchange Board of India (SEBI);
Internal and Concurrent Audit for depository operations under National Securities Depository Ltd (NSDL);
Stock Audit and Concurrent Audit of many Public Sector and Private Sector Banks in India;
Empanelled by many State Public Center Enterprises (SPSEs) as Internal Auditor for auditing financial books of account;
Empanelled by many Public Sector Enterprises (PSEs), Public and Private limited companies as Internal Auditor for auditing financial books of accounts;
Empanelled by many Cooperative Societies in States as Internal Auditor for auditing financial books of accounts;
Various Ministries of Government of India have authorised the Cost Accountants in practice for certifying various returns and to issue compliance certificate as per their formats. Such ministries are Ministry of Finance, Ministry of Commerce, Ministry of Corporate Affairs, Ministry of Chemicals and Fertilizers, Ministry of Textile, Ministry of Consumer Affairs, Food and Public Distribution and gist of the work under them are as follows:
1. Issuance of various certificates under Indian Foreign Trade Policy 2009-14 and Aayat Niryat (Import and Export) Forms (ANF).
2. 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 our Institute.
3. Certificate for Average Cost of transportation as per Rule 5 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000.
4. 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
5. 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.
6. Certificate of product wise position of production dispatches stock etc. for the year (Annexure III-A) under FICC.
7. Issuance of Certificates in Form-I to VI as prescribed by National Pharmaceutical Pricing Authority (NPPA), is an organization established by the Government of India to fix/ revise the prices of controlled bulk drugs and formulations.
8. Certificate of fulfillment of Hank Yarn obligation for Textile Industry and Textile Committee Cess- Monthly Return in Form-A.
9. Certifying half yearly return in Form ‘N’ for Quantity of Rubber purchased & consumed by manufacturers under rule 33 (f) of the Rubber Rules, 1955;
10. Certifying Performa CI & C2 under Anti Dumping as prescribed by Ministry of Commerce;
11. Certifying Statement of cost of production for Anti-dumping petition to Government of India;
12. Certification of Application for License and renewal thereof to act as Surveyor and Loss Assessor under Insurance Regulatory and Development Authority (IRDA)
13. Certification of various forms prescribed under the Central Electricity Regulatory Commission (CERC);
Cost Accountants are eligible under various Acts and Regulatory Authorities to appear before the various Authorities including Appellate Tribunals etc.
In the following cases, there is special work, which are being done by Cost Accountants:
Telecom Regulatory Authority of India (TRAI)
1. Right to Legal Representation before Appellate Tribunal as per Section 17 of TRAI Act,1997
2. Reporting and Audit for System on Accounting Separation- Certification Work
3. Audit for Metering and Billing Accuracy- authorised to conduct audit
Certified Filing Centers (CFCs) under MCA-21 Scheme: Ministry of Corporate Affairs, Government of India have authorised Cost Accountants in practice to act as Certifying Filing Centres on their behalf for the purpose of certification of various type of e-forms and their filing with Registrar of Companies periodically as per the provisions of Indian Companies Act, 1956 and Limited Liability Partnership (LLP) Firms;
Apart from other services many companies in Central & State Governments and their various Departments, Public, Private, Public Sector Banks have empanelled cost accountants for variety of work viz. Cost Management, Techno-economic Study, Systems, Computerization, ERP, Insurance companies and other Financial Institutions, Financial Management, Project Consultancy, Materials Management, Management Accountancy, Tax Planning, Diagnostic Accounting & Revival of Sick Units, Merchant Banking, Investment Counseling & Portfolio Management, Internal Management and Operational Audits, Organization Structure Review, Training and Executive Selection, Incentive Plans, Productivity, Conservation of Energy and Energy Audit and Environmental Audit etc.

Cost Accountants in Employment:
There has been increasing awareness amongst the business entrepreneurs of the most vital contribution made by cost and management accountancy services in the business houses to the attainment of business objectives. This has accentuated the demand for cost and management accounting services in all the sectors of economy. Many members of the Institute are holding top management positions, viz., Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, Chief Internal Auditor, CEO, CFO. Those managing their own business have found in themselves a Manager and an Accountant to control and flourish their business. No wonder a Cost Accountant can attain the highest ladder of professional career.

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 (ICAS) 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 and Works 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:

A member of ICWAI can get enrolled as a member of IMA USA.
Recognised by the Academic Councils of many Universities in India for the purpose of admission of the Ph.D. courses in Commerce. Various Universities have recognized ICWA qualification for registration as M.Phil. and Ph.D. candidates in commerce and allied disciplines. The List of Universities who have recognized ICWA qualification to pursue M. Phil and Ph. D is given at Annexure-3.
The MoU between CIMA (The Chartered Institute of Management Accountants), UK and ICWAI introduces a new CIMA Professional Gateway examination (available from May 2009) for ICWAI students who have successfully completed the whole of the ICWAI professional examination, enabling a ‘fast track’ route into CIMA’s Strategic level examinations, final tests of professional competence and ultimately CIMA Membership.
4. MOU between Indira Gandhi National Open University (IGNOU): ICWAI and IGNOU have entered into an MOU on 11th July, 2008 to offer specialized B.Com and M.Com Programs for ICWAI students. The Students can simultaneously study the specialized B.Com (Financial & Cost Accounting) programme with ICWAI Foundation/Intermediate Course and specialized M.Com (Management Accounting &Financial Strategies) with ICWAI Final Course. The details may be seen at Annexure-4.

BALASUBRAMANYA B N

CCI STUDENT....

44687 Points Joined January 2009

LIST OF MEMBERS
HOLDING
CERTIFICATE OF PRACTICE

SOURAV GHOSH

Assistant Manager-Finance

401 Points Joined January 2011

THANKS A LOT.. VERY HELPFUL POST FOR ME.. GREAT HELP THANKS.

AJAY SIMHA

CMA - final

190 Points Joined February 2010

all references mentioned above is availabe at ICWAI.ORG

chirag

CWA (inter)

36 Points Joined December 2010

Originally posted by : AJAY SIMHA

But still i like his attitude of sharing others.

Karthik

process assocatiate

21 Points Joined April 2011

Hello All

I am Karthik.. Currently into ICWAI Inter Group - 2 , i am very much eager to get Operation Management Notes apart from the the study material. can any one please please help me with this.

Many thanks in advavance.