Green light for ICWAI
MANAMA: The Institute of Cost and Works Accountants of India (ICWAI) has got affiliation with the Bahrain Accountants Association to open its Bahrain centre.
The ICWAI was established by a special act of parliament in 1959.
The main aim was to optimise the use of limited resources thereby increasing efficiency in industries and achieving maximum economic development and social welfare.
This is the only recognised statutory professional organisation and licensing body in India specialising in cost and management accountancy.
All major industries in India are required by statute to conduct a cost audit every year for submission to the government.
In Bahrain, there are about 200 members in various key positions contributing to the local economy.
The objectives of the body include promoting and developing the adoption of scientific methods in cost and management accountancy and developing the professional body of members to equip them fully to discharge their functions and fulfil the objectives in the context of the developing economy.
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