Why definatination of accountant under income tax act

New Direct Tax Code 2392 views 2 replies

Devendra Deore

Practice

41 Points Joined May 2011

As the syllabus of the ICWAI and ICAI is at par, both the members are treated at par in the business. moreover ICWAI members are having more expertise in analysis of cost and revenue of organisational activities, they have great expertise in analytical part. why defination under income tax act and newly coming DTC should not be amended to include ICWAI members?

Replies (2)

Guest

In the UK ,CIMA is even not allowed to carry out cost audit of ltd co.Do have answer why?

Because CIMA is not regulatory for audit and acount.

Guest

Can I (CIMA)become a registered auditor and regulated by another body without joining it?

You can become a member of another body, but all have exacting requirements of additional examinations and supervised training in an audit office for a number of years before audit recognition can be given.

CIMA members are allowed to signoff the accounts of companies with turnovers up to GBP5.6m as examiners (not auditors), but not beyond.

External audit is not covered by CIMA's qualification. Any member who wishes to move into this field can only do so by virtue of membership of another more appropriate body.

Please note that none of these bodies will simply reciprocate membership, and that qualification to perform audit usually involves several years' practical experience in an audit firm, as well as taking examinations.

Source:https://www.cimaglobal.com/Members/Members-handbook/FAQs/Can-I-become-a-registered-auditor