Tamil Nadu - Madurai   

Support to proposal on oversight body for regulators

MADURAI: The Institute of Cost and Works Accountants of India (ICWAI) has expressed support to the proposal by the Parliamentary Standing Committee on Finance, which has recommended creating an oversight body for regulators to maintain auditing standards in the country.

Addressing a press conference here on Thursday, its president B.M. Sharma said that this move would ensure that the process of statutory audit and functioning of financial auditors was independent, especially in view of the recent instance of corporate fraud in Satyam scam.

He was here to address a two-day conference on ‘Cost strategies in the environment of inclusive growth and governance' being organised on Friday and Saturday by the Southern India Regional Council (SIRC) of ICWAI.

Cost and accounting standards were vital for growth and the government, through the proposed Companies Bill, was trying to streamline the standards and make it uniform across the country.

With Indian economy poised for higher growth having weathered the global economic crisis fairly well, he said that the Institute would focus on making the growth an inclusive one and ensure that all sections of the society stood benefitted. Mr. Sharma said that ICWAI had also launched courses in International Financial Reporting Standards, which would be mandatory for all registered companies from 2015. I. Ashok, SIRC chairman, said that the conference would discuss the role of cost accounting in growth. The campus recruitment drives were drawing good response. A. Mayil Murugan, chairman, Madurai Chapter, was present.

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