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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (Statutory body under an Act of Parliament) NOTIFICATION Kolkata, the 19th April, 2017 No. CWA/1/2017.In exercise of the powers conferred on it under clause (1) of Part II of the Second Schedule of the Cost and Works Accountants Act, 1959, the Council of the Institute of Cost Accountants of India hereby issues the following guidelines for compliance by the members of the Institute: (i) A member of the Institute in practice shall not respond
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FAQ :
The new guidelines from ICMAI provide rules for members of the institute on how to respond to tenders.
The guidelines were issued by the Council of the Institute of Cost Accountants of India.
Yes, members in practice cannot respond to tenders for services exclusively reserved for Cost Accountants, like audit and attestation, unless specific conditions are met.
The restrictions do not apply if the tender document specifies a minimum fee for the assignment or if the service areas are open to other professionals besides Cost Accountants.
These guidelines will come into force on the date they are published in the Gazette of India.
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