The Hindu : Andhra Pradesh / Visakhapatnam News : Stress on redefining role of cost accountants

Online edition of India's National Newspaper
Monday, Apr 12, 2004

Andhra Pradesh

Andhra Pradesh - Visakhapatnam

Stress on redefining role of cost accountants

By Our Staff Reporter

VISAKHAPATNAM, APRIL 11 . The Institute of Cost and Works Accountants of India (ICWAI) is seeking greater role for its members in the changing economic scenario in the country in the WTO regime.

The president of the institute, K.L. Jaisingh, told reporters here on Sunday that the foremost task of the ICWAI was redefining the role of cost and work accountants and changing its name to Institute of Cost and Management Accountants. ICWAI had stepped its campaign with the Department of Company Affairs in this regard, he added.

"Other Commonwealth countries including the neighbouring Bangladesh and Pakistan have effected the change,'' he added. Citing the growing significance and relevance of cost accountants under the globalisation process and pointing out that their specialisation extended beyond what the profession of chartered accountants had to offer, Mr. Jaisingh said the scope of the cost and management accountancy had advanced with enormous applicability in new areas like telecommunications, plantations, power generation and distribution, petroleum.

The ICWAI, he disclosed, wanted the appointment of cost accountants to be `automatic' by the industry without any Government approval and making the entire process transparent.

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