Release of Guidance Notes

" On behalf of Shri P. C. Gupta, Hon'ble Minister of Corporate Affairs, Government of India, Shri P. D. Sudhakar, Additional Secretary to the Government of India, Ministry of Corporate Affairs released two Guidance Notes on "Internal Audit" and " Cost of Production for Captive Consumption (Under Rule 8 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000)" respectively during the function organised to announce the formal launch of CAT course at New Delhi on 9th January, 2009. These notes are developed by the Professional Development Committee of ICWAI based on the experience of Senior Professionals in the Industry and in Practice.

Referring to the speech of Hon'ble Minister for the Corporate Affairs to the Government of India on the occassion, Additional Secretary, Ministry of Corporate Affairs lauded the role of ICWAI which has provided a stream of Cost & Works Accountants to the industry and nation who have contributed immencely by keeping the high standards of profession. He further emphasized the role of training and guidance to professionals as a must in today's world of fast changing business environment and need to adopt best international practices with highest ethical standards. He further added the release of the two Guidance Notes by ICWAI is a welcome step in this direction.

Brief on Guidance Notes issued by ICWAI

The Guidance Note on Cost of Production for Captive Consumption addresses the need of the Cost Practitioners in the field to have an authoritative guidance on various aspects involved in the valuation process and takes into consideration the methodology prescribed by the Cost Accounting Standard-4 issued by the Institute earlier.

The Guidance Note on Internal Audit describes it as an independent and objective oriented assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing in the systematic and disciplined approach to evaluate and improve the effectiveness of the operations of an organisation in totality."