Professional Avenues for Cost Accountants



In this globalised world, organizations require professionals such as Cost Accountants (CMAs) who have specialized knowledge on business strategy and value creation. The Cost Accountant being the foundation on which the enterprises are built, the specialized education and training by the Institute make the Cost Accountant a multi-faceted professional. CMAs are driving force in all economic activities, as they are the value creator, value enabler, value preserver and value reporter.

Cost Accountants are in great demand in government sector, private sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Further, in view of their specialized knowledge and training, CMAs may hold top management position in public and private sectors’ enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager and Chief Internal Auditor and other important positions.

Those CMAs managing their own businesses have found themselves as a Manager and as an Accountant can control and thereby flourish their businesses. There is no doubt that a Cost Accountant can attain the highest ladder of professional career.

There is a sustained demand for qualified, trained and experienced cost accountants in India and abroad in different industries and Government Departments. Many members of the Institute are also engaged in providing professional and cost consultancy services and in teaching cost and management accountancy in Universities and Colleges.

Cost accountancy edges over financial accounting. Cost accounting promotes study and adoption of scientific methods to secure maximum efficiency in industrial, commercial and other spheres, as compared to financial accounting. Financial accounting mainly draws conclusions on the basis of post facto data long after the operations are put through and expenditure were incurred enabling score keeping or at best statistical analysis. Therefore, role of cost accountants go beyond a financial accountant and they help the management in regulating production operations and processes of production.

The members of the Institute are the driving force in the team of management while in employment, and as Cost Auditors, Internal Auditors, Auditors in case of VAT, Excise, SEBI, NSDL and under other statutes/ Regulatory requirements, Advisors and Consultants in practice. There are several areas of practice available for Cost Accountants, a list of which is given below:

Independent practice

There is vast scope for practice by a Cost Accountant for which he has to obtain Practice Certificate from the Institute. Details in this regard are available in the “Membership Section” of the Institute website: http://www.cmaicmai.in/external/Home.aspx. A Cost Accountant may set up the practice at his own as Proprietor or set up a new partnership firm with like-minded Cost Accountants in practice or may be admitted as new partner in the existing firm of Cost Accountants in practice. His clientele include private and public companies, large, medium and small scale undertakings, partnership and proprietary concerns, industrial, commercial and service undertakings etc. For practicing Cost Accountants the Institute issued suggested fees guidelines, which may be seen at https://icmai.in/upload/pd/Scale_of_Fees.pdf

There are several areas of practice available for Cost Accountants, which are as follows:

Professional Avenues for CMAs in Practice

S. No.

Statute/Authority

Description

A

Audit Assignments

 

(i)

Central Goods & Services Tax Act, 2017

Audit of Accounts & Records under Section 35(5) of Central Goods & Service Tax Act, 2017.     Read More

Special Audit under Section 66(1) of Central Goods & Service Tax Act, 2017.     Read More

Access to business premises under Section 71.     Read More

 

(ii)

Central Board of Excise and Customs (CBEC)

Special Audit under Section 14A & 14AA of the Central Excise Act, 1944 of Central Board of Excise and Customs (CBEC).

Special Audit in certain cases under Section 11 of Customs Act, 1962, Circular No. 88/98-Customs dated 2/12/1998 as authorized by Central Board Excise and Customs.     Read More

(iii)

Central Board of Indirect Taxes and Custom

Custom Audit Regulation 2018 Central Board of Indirect Taxes and Custom included Cost Accountant for providing assistance in the audit( Para 6) in the Notification No 45/2018-Customs(N.T.) dated 24.5.2018 on Custom Audit Regulation 2018.     Read More

(iv)

Companies Act, 2013

Vide Companies (Cost Records and Audit) Rules, 2014, G.S.R. No. 425 (E) dated 1st July, 2014 and amendment thereof issued on 31st December 2014. under section 148(2), ibid Cost Accountants are exclusively authorized to appoint as Cost Auditor and conduct Cost Audit as per the provisions of the Companies (Cost Records and Audit) Rules, 2014.     Read More

    Read More

Section 138(1) of the Companies Act, 2013 empowers the Cost Accountants/Firms of Cost Accountant to conduct the Internal Audit of the Class of Companies. Companies (Accounts) Rules, 2014 issued by the Government vide GSR 239 (E) dated 31st March, 2014 defines the class of companies in which the Cost Accountants/Firms of Cost Accountant can be appointed/empanelled as Internal Auditor.

    Read More

(v)

Ministry of Health & Family Welfare

Internal Audit/Concurrent Audit under National Health Mission (NHM) as empowered by the Ministry of Health & Family Welfare, New Delhi.     Read More     Read More

Internal Audit/Concurrent Audit under National Aids Control Organization (NACO) as empowered by the Ministry of Health & Family Welfare, New Delhi.         Read More

(vi)

Ministry of Road Transport and Highways    

Model Concession Agreement (MCA) on infrastructure for PPP Projects in Highways empowered by Ministry of Road Transport and Highways. Read More

(vii)

National Bank for Agriculture and Rural Development (NABARD)

Stock audit for Working Capital Finance as prescribed by National Bank for Agriculture and Rural Development (NABARD).     Read More

(viii)

National Securities Depository Limited (NSDL)

Internal and Concurrent Audit for depository operations under National Securities Depository Ltd (NSDL).     Read More

(ix)

Respective Bank Circulars

Stock Audit, Concurrent Audit, Forensic Audit and other professional services of various Public Sector and Private Sector Banks in India. Please refer     Read More

(x)

State Co-operative Societies Act

Financial Audit of Cooperative Societies in states Maharashtra, Karnataka, Himachal Pradesh and West Bengal.     Himachal Pradesh     Maharashtra     Karnataka     Karnataka     West Bengal

Special Audit i.e. Cost Audit and Performance Audit of co-operative societies under the respective Co-operative Societies Act of West Bengal, Maharashtra, Karnataka, Punjab, and Delhi.     Karnataka     Karnataka     West Bengal     Punjab     Punjab     Punjab     Maharashtra     Delhi

(xi)

State Public Sector Enterprises

Internal Audit in various State Public Sector Enterprises

(xii)

Securities Exchange Board of India (SEBI)

Half-yearly Internal Audit of stock brokers/trading members/clearing members as prescribed by Securities Exchange Board of India (SEBI) vide circular no MRD/DMS/Cir-29/2008 dated October 21, 2008 read with SEBI circular No. MIRSD/ DPSIII/ Cir-26/ 08 dated August 22, 2008.     Read More     Read More

Internal Audit for Credit Rating Agencies (CRAs) as prescribed by Securities Exchange Board of India vide circular no SEBI/MIRSD/CRA/Cir-01/2010 dated January 06, 2010.     Read More

Internal audit of Registrars to an Issue / Share Transfer Agents (RTAs). vide circular no. SEBI/HO/MIRSD/DOP1/CIR/P/2018/73 dated April 20, 2018.     Read More

Security Exchange Board of India considered the practicing Cost Accountants to carry out share reconciliation audit of issuer companies under the Regulation 76(1) of SEBI (D&P) Regulations, 2018.     Read More     Read More

(xiii)

Telecom Regulatory Authority of India (TRAI)

Audit for Metering and Billing Accuracy – authorised to conduct audit for Telecom Regulatory Authority of India (TRAI).     Read More

Audit of Digital Addressable System -in accordance with the regulatory framework for digital addressable systems comprising of the “Telecommunication (Broadcasting and Cable) Service Interconnection (Addressable Systems) Regulations, 2017, “Telecommunication (Broadcasting and Cable) Services Standards of Quality of Service and Consumer Protection (Addressable Systems) Regulations, and“Telecommunication (Broadcasting and Cable) Services (Eighth) (Addressable Systems) Tariff Order, 2017.     Read More     Read More

(xiv)

Central Electricity Regulatory Commission (CERC)

Central Electricity Regulatory Commission (Procedures for calculating the expected revenue from tariffs and charges) Regulations, 2010 vide No. L-1/9/2009/CERC dated dated: 12.4.2010 Cost Accountants are authorized as auditor in the Definitions of Auditor under Para 2(d).     Read More

(xv)

Various State VAT Act/ Rules

Statutory Auditors under Value Added Tax Act of States. Please refer
Annexure – II.

B

Certification Areas

 

(i)

Companies Act, 2013

Certifying e-forms which are to be filled by companies under Companies Act and Rules.     Read More

(ii)

Department for Promotion of Industry and Internal Trade (DPIIT)

Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry authorizes Cost Accountants for certification in its Corrigendum dated October 9, 2023 to the Guidelines dated June 4, 2021, for the Production Linked Incentive (PLI) Scheme for promoting domestic manufacturing of White Goods (Air conditioners and LED Lights).     Read More     Guidelines

(iii)

Central Excise Act, 1944

Circular No. 692/08/2003-CX dated 13th February, 2003 Certificate of Cost of production of captively consumed goods as per Rule 8 of Central Excise Act, 1944 in accordance with Cost Accounting Standard CAS – 4 issued by the Institute.     Read More

(iv)

Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000

Circular No.643/34/2002-CX dated 1st July, 2002 Certificate for Average Cost of Transportation as per Rule 5 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000.     Read More

(v)

Central Electricity Regulatory Commission (CERC)

Certification of various forms prescribed under the Central Electricity Regulatory Commission (CERC). Central Electricity Regulatory Commission (Procedure, Terms and Conditions for grant of trading licence and other related matters) Regulations, 2020 NOTIFICATION No. L-1/253/2019/CERC Dated: 2 nd January, 2020     Read More

(vi)

Customs Act, 1962

Certificate towards the amount of duty paid on the materials used for the manufacture of exported goods as indicated in Forms DBK-I,II, IIA,III, IIIA under Customs Act, 1962.     DBK

(vii)

Directorate of Advertising and Visual Publicity (DAVP)

Certificate towards the authenticated figures of circulation, as per the Annexure XII of the DAVP guidelines representing a statement signed by the both publisher and Cost Accountant with their officials seals giving the details of newsprint and ink stored and consumed during the period.     Read More

(viii)

Fertilizer Industry Coordination Committee (FICC)

Certificate of product wise position of production dispatches stock etc. for the year (Annexure III–A) under FICC.    

Issuance of various certificates as prescribed by Fertilizer Industry Coordination Committee (FICC) in respect of certifying Cost Data for Subsidy Scheme, Transportation Claims, Escalation Claims and Equalize Freight Claims.

(ix)

Insurance Regulatory and Development Authority (IRDA)

Certification of Application for License and renewal thereof to act as Surveyor and Loss Assessor under Insurance Regulatory and Development Authority (IRDA)     Read More    

(x)

The International Financial Services Centre Authority: authorized Cost Accountants to issue certificate

for Companies registering in the Insurance Business that all compliances of the IFSCA Act has been complied with by the Companies under International Financial Services Centres Authority (Registration of Insurance Business) (Amendment) Regulations, 2021 vide IFSCA/2021-22/GN/REG019 dated 4.1.2022     Read More

for Insurance Intermediary of their paid up capital and net worth and also to certify that regulatory requirements has been complied with by the insurance intermediaries under International Financial Services Centres Authority (Insurance Intermediary) (Amendment) Regulations, 2021 vide IFSCA/2021-22/GN/REG020 dated 4.1.2022.     Read More

(xi)

Ministry of Commerce and Industry

Issuance of various certificates under Foreign Trade Policy & Procedures 2015-20 and Aayat Niryat (Import and Export) Forms (ANF). Vide F.No.01/94/180/468-Appendices/AM12/PC4 dated 11th October 2012, Cost Accountants are authorized to authenticate various forms and statements, under Foreign Trade Policy & Procedures 2015-20 issued by the Ministry of Commerce and Industry. Please refer Annexure – III.

Directorate General of Foreign Trade ( DGFT ) has issued a Public Notice 06/2015-2020 dated 07th May, 2019 to amend Form ANF-3B for claiming Services Exports from India Scheme (SEIS) benefits under Foreign Trade Policy 2015-2020.    

    Read More

Certifying Performa CI & C2 under Anti–Dumping as prescribed by Ministry of Commerce & Industry.     Read More

Certifying Statement of cost of production for Anti-dumping petition to Government of India.     Read More

Certificate for verification of Local content in case of procurement for a value in excess of Rs. 10 Crores. ( Order No. P-45021/2/2017-B.E.-II dated 15th June, 2017 on Public Procurement (Preference to Make in India), Order, 2017).     Read More

(xii)

Special Economic Zones

Department of Commerce, Ministry of Commerce and Industry vide notification dated 7.3.2019 issued Special Economic Zones (2nd Amendment) Rules, 2019 and consider Cost Accountants at par with Chartered Accountants for certification of Form-I Annual Performance Report for Units under Rule 22 of Special Economic Zones Rules, 2006.     Read More

Ministry Of Commerce and Industry vide notification dated 19th September 2018 amended the Special Economic Zones Rules, 2006, Cost Accountants are authorized to certify the half-yearly certificate for the period ending 31st March and 30th September of every financial year regarding utilization of goods and services submitted by developer under sub-rule (7) of Rule 12.     Read More

(xiii)

Ministry of Consumer Affairs, Food and Public Distribution

Annual utilization certificate under Incentive Scheme for New Sugar Factories and Expansion Projects vide Notification No. F.3 (4)/89-PC/Vol.IV of Ministry of Food Dated 28th February, 1997.     Read More    

(xiv)

Ministry of Textile

Certificate of fulfillment of Hank Yarn obligation for Textile Industry and Textile Committee Cess – Monthly Return in Form – A.     Hank Yarn     Circular

(xv)

National Pharmaceutical Pricing Authority (NPPA)

Certification of various Forms as mentioned in SECOND SCHEDULE of Drugs (Prices Control) Order, 1995;     Read More     THE DRUGS (PRICES CONTROL) ORDER, 2013

(xvi)

Rubber Board Rubber Rules, 1955

Certifying half yearly return in Form ‘N’ for Quantity of Rubber purchased & consumed by manufacturers under rule 33 (f) of the Rubber Rules, 1955.     Read More

(xvii)

Telecom Regulatory Authority of India (TRAI)

Reporting and Audit for System on Accounting Separation- Certification Work Telecom Regulatory Authority of India (TRAI).     Read More

(xviii)

e-Mudhra

Join us as a Partner for issuing e-Mudhra Digital Certificates. Read more

(xix)

Ministry of Finance, Department of Expenditure

Certification regarding average annual financial turnover of bidder :Annexure 9 Sample Prequalification Criteria of Manual for Procurement of Goods 2017     Read More     Read More

(xx)

Central Board of Indirect Taxes and Customs

Central Board of Indirect Taxes and Customs vide its Circular No. 226/20/2024-GST Dated the 11th July, 2024 authorized Cost Accountants for Certifying the additional foreign exchange remittance on account of upward revision in price of the goods subsequent to export under para 6 (g) of the Circular. Read More

(xxi)

Bureau of Indian Standards

Bureau of Indian Standards included Cost Accountants for the purpose of authentication of production statement in the Guidelines for Renewal of Licence (RoL) as per the conformity assessment Scheme – I of Schedule – II of BIS (Conformity Assessment) Regulations, 2018     Read More     Read More

C

Companies Act, 2013

 

(i)

Companies Act, 2013 Section 148 (2)

Vide Companies (Cost Records and Audit) Rules, 2014, G.S.R. No. 425 (E) dated 1st July, 2014 and amendment thereof issued on 31st December 2014. under section 148(2), ibid Cost Accountants are exclusively authorized to appoint as Cost Auditor and conduct Cost Audit as per the provisions of the Companies (Cost Records and Audit) Rules, 2014.     Read More     Read More     Read More

(ii)

Section 2(38)

An expert who has the power or authority to issue a certificate in pursuance of any law for the time being in force.     Read More

(iii)

Section 7(1)(b)

Declaration in the prescribed form no. INC.8. form no.INC 14 that the memorandum and articles have been drawn as per the provisions and in conformity.     Read More

(iv)

Form DIR – 12

Sections 7(1)(c), 168 & 170(2) and rule 17 of the Companies (Incorporation) Rules 2014 and 8, 15 & 18 of the Companies (Appointment and Qualification of Directors) Rules, 2014 – Particulars of appointment of Directors and the Key Managerial Personnel and the changes among them in form no. DIR 12.     Read More

(v)

Form INC – 14

Declaration that the draft memorandum and articles of association have been drawn up in conformity with the provisions of section 8 in form No. INC.14.     Read More

(vi)

Form INC – 21

Section 11(1)(a) read with Rule 24 of the Companies (Incorporation) Rules, 2014- Declaration prior to commencement of business or exercising borrowing powers in form No. INC 21.     Read More

(vii)

Form INC – 22

Section 12(2) & (4) and Rule 25 and 27 of The Companies (Incorporation) Rules 2014- Notice of situation or change of situation of registered office in form no. INC 22.     Read More

(viii)

Form – PAS 3

Section 39(4) and 42 (9) and Rule 12 and 14 Companies (Prospectus and Allotment of Securities) Rules, 2014- Return of Allotment in form no. PAS 3.     Read More

(ix)

Form – SH7

Section 64(1) and pursuant to Rule 15 of the Companies (Share Capital & Debentures) Rules, 2014 - Notice to Registrar of any alteration of share capital in form no. SH 7.     Read More

(x)

Form – CHG 9

Sections 71(3), 77, 78 & 79 and pursuant to Section 384 read with 71(3), 77, 78 and 79 and Rule 3 of The Companies (Registration of charges) Rules 2014 Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures in form no. CHG 9.     Read More     Read More     Read More     Read More

(xi)

Form – CHG 1

Sections 77, 78 and 79 and pursuant to Section 384 read with 77, 78 and 79 and Rule 3(1) of the Companies (Registration of Charges) Rules 2014- Registration of creation, modification of charge (other than those related to debentures) including particulars of modification of charge by Asset Reconstruction Company in terms of Securitization and Reconstruction of Finance Assets and Enforcement of Securities Act, 2002 (SARFAESI) in form no. CHG 1.     Read More     Read More     Read More

(xii)

Form – CHG 4

Section 82(1) and Rule 8(1) of the Companies (Registration of charges) Rules 2014- Particulars of satisfaction of charges thereof in form no. CHG 4.     Read More

(xiii)

Form – MGT 14

Section 94(1), 117(1) and section 192 – The Companies Act, 1956- Filing of resolutions and agreements to the Registrar in form no. MGT 14.     Read More     Read More     Read More

(xiv)

Section 137

Under form no. AOC – 4 disclosures of related party transactions.     Read More

(xv)

Section 143

Report to the Central Government if a fraud is being or has been committed against the company by officers or employees of the company.     Read More

(xvi)

Section 149(4)

Section 149 (4) read with Rule 5 of the Companies (Appointment and Qualification of Directors) Rules, 2014: Independent Director Possess skills, experience and knowledge in one or more fields inter alia finance to be an Independent Director.     Read More

(xvii)

Section 153

Section 153 and & Rule 9(1) of The Companies (Appointment and Qualification of Directors) Rules, 2014 & Rule 10 of Limited Liability Partnership Rules, 2009: Digital verification of the Form DIR-3: Application for allotment of Director Identification Number     Read More

(xviii)

Section 196

Section 196 read with Section 197 and Schedule V of the Companies Act, 2013 and pursuant to Rule 3 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014- Return of appointment of key managerial personnel in form no. MR 1     Read More

(xix)

Section 196, 197, 200, 201(1), 203(1)

Section 196, 197, 200, 201(1), 203(1) and Schedule V & Rule 7 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014- Form of application to the Central Government for approval of appointment and remuneration or increase in remuneration or waiver for excess or over payment to Managing Director or Whole Time Director or Manager and commission or remuneration to Directors in form no. MR 2.     Read More

(xx)

Section 232(7)

Declaration of compliance alongwith Statement to be filed with Registrar of Companies.     Read More

(xxi)

Section 247(1)

Eligible to apply for being registered as a valuer.     Read More

(xxii)

Section 259(1)

Appointment as Company Administrator by the tribunal.     Read More

(xxiii)

Section 275(1)

Appointment as Company liquidator for winding up of the Company.     Read More

(xxiv)

Section 366

Application by a company for registration in Form No. URC–1.     Read More

(xxv)

Section 409(3)

Appointment as Technical person of Tribunal (15 years of experience is required)     Read More

(xxvi)

Section 432

Appearance in the Tribunal for public examination of promoters/directors.     Read More

(xxvii)

Section 455(1)

Section 455(1) read with Rule 3 of The Companies (Miscellaneous) Rules, 2014 – Application to Registrar for obtaining the status of dormant company in form no. MSC 1     Read More

(xxviii)

Section 455(5)

Section 455(5) and Rule 7 and 8 of the Companies (Miscellaneous) Rules, 2014- Return of dormant companies in form no. MSC 3.     Read More

(xxix)

Rule 5(2)

Nidhi Rules, 2014- Return of statutory compliances in form no. NDH 1.     Read More

(xxx)

Rule 5(3)

Nidhi Rules, 2014- Application for extension of time in form no. NDH 2.     Read More

(xxxi)

Rule 21

Nidhi Rules, 2014- Half yearly return in form no. NDH 3.     Read More

(xxxii)

Rule 8(8)

As per Companies (Registration Offices and Fees) Rules, 2014, documents or form or application filed may contain a power of attorney issued to Cost Accountant.     Read More

(xxxiii)

Form GNL – 1

Rule 12(2) of the companies (Registration offices and Fees) Rules, 2014- Form for filing an application with Registrar of Companies in form no.  GNL 1.     Read More     Read More

(xxxiv)

Form GNL – 3

Rule 12(3) of the Companies (Registration offices and Fees) Rules, 2014 – Particulars of person(s) or key managerial personnel charged  or specified for the purpose of sub-clause (iii) or (iv) of clause 60 of Section 2 in form no. GNL 3.     Read More

(xxxv)

Rule 20(3)(ix)

Rule 20(3)(ix) of the Companies (Management and Administration) Rules, 2014: Scrutinizer for supervising the Voting through electronic means (e-voting) process.     Read More     Read More

(xxxvi)

Form INC – 28

Rule 31 of Companies (Incorporation) Rules, 2014 – Notice of the order of the Court or any other competent authority in form no. INC – 28.     Read More     Read More

 

(xxxvii)

Disclosure in Board's Report

MCA vide G.S.R. 725(E) dated 31st July, 2018 notifies Companies (Accounts) Amendment Rules, 2018 to include disclosure in Board's Report on Compliance of Maintenance of Cost Records as per Section 148(1) of the Companies Act, 2013.     Read More

 

D

Other Statutory Work

 

(i)

Securities and Exchange Board of India

Vide circular no. SEBI/HO/CFD/PoD/CIR/2024/0060 dated May 27, 2024 there is an amendment in terms of Regulation 292A(f) of the Security and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, wherein ICMAI Social Auditors Organisation (ICMAI SAO) is specified as a Self Regulatory Organisation for Social Impact Assessors in the context of Social Stock Exchange. Read More

Authorized to act as “Valuer” in respect of financial valuation under : Notification No. SEBI/LAD/NRO/GN/2016-17/021 dated 30th November, 2016 Securities and Exchange Board Of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016     Read More     Read More     Read More

Authorized to act as “Valuer” in respect of financial valuation under section 2(zz) of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended on 30.11.2016.     Read More     Read More     Read More

(ii)

Central Board of Direct Taxes (CBDT)

Central Board of Direct Taxes (CBDT): CBDT vide their Notification no. S.O. 2670(E) recognized Cost Accountants as e-return intermediaries;     Read More     Read More    

(iii)

National Securities Depository Ltd.

National Securities Depository Ltd. recognized Cost Accountants in the eligibility condition of e-return intermediaries.     Read More

(iv)

Central Board of Excise and Customs (CBEC)

Accepting of services of the Cost Accountant’s may also be considered by the respective Commissionrates depending upon the extent of complexity of the cases as provided under Circular No.04/2006 dated 12th January, 2006 modified and its inclusion in the assessed value as extended cost of transportation;     Read More

Audit of accounts of SEZ developer as directed by the Commissioner of Customs/Central Excise [refer Circular No. 52/2002-Customs dated 14th August, 2002];     Read More

Computation of freight of time chartered/daughter vessel and its inclusion in the assessed value as extended cost of transportation [refer Circular No.04/2006 dated 12th January, 2006].     Read More

Custom Broker: Central Board of Excise and Customs (CBEC) vide notification No. 01/2016-Customs (N.T.) dated 5th January, 2016 Amended Customs Brokers Licensing Regulations, 2013 and included the Cost Accountant qualification for Customs Brokers Examination     Read More     Read More

Ministry of Finance amended Circular No.18/2010 Customs dated 08.07.2010 vide Circular No 01/ 2012-Customs dated 5th January 2012 to authorize inter alia Cost Accountants to issue a certificate, certifying that burden of 4% CVD has not been passed on by the importers to any other person;     Read More

Certified Facilitation Centers (CFCs) – under ACES-CBEC Scheme: As per MOU with CBEC, Ministry of Finance, Cost Accountants in whole-time practice are authorized to set up Certified Facilitation Centers (CFCs) under Certified Facilitation Centre Scheme in filing various Excise and Service Tax Returns under the provisions of Central Excise Act and Service Tax Act;

(v)

Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000

Valuation Certificate for Cost of goods produced for Captive Consumption, in accordance with Cost Accounting Standard CAS – 4 issued by the Institute,  under Rule 8 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000;     Read More

(vi)

Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000

Certificate for Average Cost of Transportation, in accordance with Cost Accounting Standard CAS – 5 issued by the Institute,  under Rule 5 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000;     Read More

(vii)

Customs Act, 1962

Certification of refund of additional duty of Customs on the goods imported for subsequent sale under Indian Customs Act;     Form DBK II     Form DBK IIA     Form DBK III     Form DBK IIIA     Read More

Under the Fixation of brand rate of Drawback without pre-verification – Simplified procedure Scheme, unless there are any special reasons, drawback rates are to be fixed without pre-verification of the date filed, (which should be duly verified by the applicant and Cost Accountant or Chartered Accountant or Chartered Engineers) and the exporter would be authorised by provisional brand rate letters issued by the Ministry to claim the drawback rate considered admissible from the concerned Customs House(s);     Read More

Customs and Central Excise Duties Drawback Rules, 1995

Under Rules 6 and 7 of the Customs and Central Excise Duties Drawback Rules, 1995, the exporters may be asked to furnish the purchase invoice as to the procurement of the raw hides/wet blue leather. They should also furnish a certificate inter alia from the Cost Accountant as to the consumption and cost of processing chemicals used for its processing and other incidental overhead charges incurred;     Read More

(viii)

Customs Valuation (Determination of Value of Export Goods) Rules, 2007

Under Rule 5 of Customs valuation (Determination of Value of Export Goods) Rules, 2007, the proper officer shall give due consideration to the cost-certificate issued by a Cost Accountant;     Read More

(ix)

Arbitration

Cost Accountants are considered for appointment as arbitrator under "The Arbitration & Conciliation (Amendment) Act 2019" in the gazette notification of India, dated 09th August, 2019.
Extract of THE EIGHTH SCHEDULE : Section 43J (iii): Qualifications and Experience of Arbitrator of the notification as under:
A person shall not be qualified to be an arbitrator unless he— (iii) is a cost accountant within the meaning of the Cost and Works Accountants Act, 1959 having ten years of practice experience as a cost accountant;     Read More

As Arbitrator: The Indian Council of Arbitration authorizes Cost Accountants and Cost Accounting Firms for empanelment in the panel of arbitrators under the category of financial experts;     Read More     APPLICATION FORM

(x)

Insolvency and Bankruptcy Code, 2016

Regulation 5 and 9 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 authorized to act as an Insolvency Professional as per the section 206 and 207 of the Insolvency and Bankruptcy Code, 2016;     Read More

(xi)

Companies (Registered Valuers and Valuation) Rules, 2017

Under Annexure IV of the Companies (Registered Valuers and Valuation) Rules, 2017, the Member of the Institute of Cost Accountants of India are recognised as Registered Valuer for valuation of Securities or Financial Assets.     Read More

(xii)

Calcutta High Court

Valuer: Members can now apply directly as ‘Valuer’ for empanelment of Calcutta High Court.     Read More     Read More

(xiii)

Maharashtra unaided Private Professional Educational ( Regulation of Admissions and Fees ) Act,2015

Member of Fee Regulating Authority under Maharashtra unaided Private Professional Educational ( Regulation of Admissions and Fees ) Act,2015     Read More

(xiv)

Insurance Institute of India

Vide letter dated 15th March 2018, Insurance Institute of India Relaxed five year period condition in respect of Institute of Cost Accountants qualified candidates for seeking Prior learning qualification for appearing in professional examination conducted by Insurance Institute of India.     Read More

E

Appearance as an Authorized Representative

 

(i)

Companies Act, 2013

(a)    Right to legal representation: Section 432 of the Companies Act 2013;     Read More

 

 

(b)    Rights of a party to appear before the Bench: Regulation 19(2) of Company Law Board Regulations, 1991;     Read More

(ii)

Competition Commission of India (CCI)

(a)    Appearance before Commission: Section 35 of the Competition (Amendment) Act, 2007;     Read More     Read More

 

 

(b)    Right to legal representation: Appeal to the Appellate Tribunal: Section 53(1) of the Competition (Amendment) Act, 2007;     Read More     Read More

(iii)

Central Board of Excise and Customs (CBEC)

(a)    Appearance by Authorized Representative: Section 35Q of the Central Excises Act, 1944;     Read More     Read More     Read More

 

 

(b)    Appearance by Authorized Representative: Section 146A of the Customs Act, 1962;     Read More

 

 

(c)     Appearance by Authorized Representative: Rule 2(c) of Customs, Excise and Gold (Control) Appellate Tribunal (Procedure) Rules, 1982;     Read More

(iv)

Central Electricity Regulatory Commission (CERC)

Authority to represent before the Commission: vide Notification No. 8/ (1)/99/CERC dated 27th August, 1999;     Read More

(v)

Depositories Act, 1996

Right to Legal Representations: Section 23C, Explanation (c) of Depositories Act, 1996;     Read More

(vi)

Income Tax Act, 1961

Appearance by Authorized Representative: Section 288 of the Income Tax Act 1961 read with Rule 50 of the Income Tax Rules, 1962;     Read More     Read More     Read More

(vii)

Real Estate (Regulation and Development) Act, 2016

Right to legal representation: Section 56 of the Real Estate (Regulation and Development) Act, 2016;     Read More

(viii)

Securities Exchange Board of India (SEBI)

Right to Legal Representations: Clause 22C under Conditions for listing: Chapter IV of Listing of Securities;     Read More

(ix)

Service Tax

Appearance by Authorized Representative: Section 96D (5) of the Service Tax Act 1994;     Read More     Read More

(x)

Special Economic Zone (SEZ)

Rights of appellant to appear before the Board: Rule 61 of the Special Economic Zone Rules 2006;     Read More

(xi)

Telecom Regulatory Authority of India (TRAI)

Right to Legal Representation before Appellate Tribunal as per Section 17 of TRAI Act, 1997;     Read More

(xii)

Value Added Tax Acts/ Rules

Cost Accountants are authorized to appear before authorities under VAT Acts/ Rules of various State Government(s).

(xiii)

Central Goods & Services Tax Act, 2017.

Appearance by authorized representative under Section 116 of Central Goods & Services Tax Act, 2017.     Read More

F

Reserve Bank of India

 

(a)

 

For Valuation of Properties - Empanelment of Valuers. (Circular no. RBI No.2006-2007/224 DBOD.BP.BC No. 50/21.04.018/ 2006-07 January 4, 2007).     Read More     Read More

(b)

For certification of borrowal companies in respect of Lending under Consortium Arrangement/ Multiple Banking Arrangements. (Circular No. RBI/2008-2009/379 DBOD. No. BP.BC.110/08.12.001/2008-09 dated 10th  February, 2009).     Read More

(c)

For certification of borrowal companies in respect of Lending under Consortium Arrangement / Multiple Banking Arrangements. (Circular No. RBI/2008-2009/382 UBD. PCB.No. 49 /13.05.000/2008-09 dated 12th  February, 2009)     Read More

UBD.BPD (PCB) MC. No. 5 / 13.05.000 / 2009-10 dated July 1, 2009 Master Circular on Management of Advances- UCBs Read More

(d)

In respect of the Forensic Scrutiny – Guidelines for prevention of frauds (Circular no. RBI/2010-11/555 DBS. CO.FrMC.BC.No.10/ 23.04.001/2010-11 dated 31st May, 2011  read with Circular no. RBI/2008-09/508 DBS.CO.FrMC.Bc.No.8 /23.04.001/2008-09 dated June 24, 2009 on Frauds in borrowal accounts having multiple banking arrangements and Circular no. RBI/2008-2009/183 DBOD No BP BC 46 / 08.12.001/2008-09 dated September 19, 2008  on Lending under Consortium Arrangement/ Multi Banking Arrangements).     Read More     Read More     Read More

(e)

For Certificate indicating fair price of capital contribution/profit share of an LLP and a valuation certificate- Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) (Circular no. RBI/201314/566 A.P. (DIR Series) Circular No. 123 dated April 16, 2014).     Read More

(f)

For Certificate in respect of Foreign Investment in India (Circular no. RBI/2014-15/6 Master Circular No.15/2014-15 July 01, 2014 (Amended upto February 09, 2015).     Read More

(g)

For certification in respect of Loans and Advances – Statutory and Other Restrictions for Lending under Consortium Arrangement/Multiple Banking Arrangement (Circular no. RBI/2014-15/64 DBOD.No.Dir.BC. 16/13.03.00/2014-15 July 1, 2014).     Read More

/td>

(h)

For Certification in respect of Guarantees, Co-Acceptances & Letters of Credit – UCBs (Circular no. RBI/2013-14/19 UBD.BPD.(PCB) MC No.4/09.27.000/2013-14 July 1, 2013).     Read More

(i)

For Certification in respect of Management of Advances – UCBs for Exchange of information–Lending under Consortium Arrangement/Multiple Banking Arrangements (Circular No.RBI/2014-15/21 UBD.BPD.(PCB) MC No.5/13.05.000/2014-15 July 1, 2014).     Read More

(j)

Valuation Certificate in respect of Foreign Exchange Management (Transfer of Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2014 (Notification No. FEMA.298/2014-RB: dated 13th March, 2014).     Read More

(k)

Valuation Certificate for Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) under Master Circular No. 15/2014-15 dated 1st July, 2014.     Read More

(l)

Valuation certificate in the Gazette Notification dated 7th November, 2017 No. FEMA 20(R)/ 2017-RB Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017.     Read More     Read More

(m)

In the RBI/2017-18/194 A.P (DIR Series) Circular No.30 dated June 07, 2018 on Foreign Investment in India -Reporting in Single Master Form addressed to All Category – I Authorized Dealer Banks, RBI considered the ‘Cost Accountants’ for issuing the certificate indicating the manner of arriving at the fair price of the capital contribution/profit shares issued to the persons resident outside India in the para 5 (ii) of the Annexure II : Declaration to be filed by the Authorized Representative     Read More

(n)

RBI vide Circular No RBI/2019-20/21 DGBA.GBD.No.5/31.02.007/2019-20 dated July 31, 2019 included cost accountants for certification of Annexure B for claiming of agency commission .     Read More     Read More

(o)

Foreign Exchange Management Act, 1999

Valuation Certificate under Notification No. FEMA.298/2014-RB: Foreign Exchange Management (Transfer of Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2014 dated 13th March, 2014.     Read More

(p)

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017

Regulation 11 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 authorises Cost Accountant in practice for valuation of capital instruments of an Indian company and also under Schedule 2 - Purchase/ Sale of capital instruments of a listed Indian company on a recognised stock exchange in India by Foreign Portfolio Investors and Schedule 6 - Investment in a Limited Liability Partnership (LLP) for valuation on an arm’s length basis as per pricing methodology.     Read More     Read More

G

Indian Banks Association (IBA)

 

(i)

Recognized Firms of Cost Accountants for Empanelment as Forensic Auditor for frauds.     Read More     Read More

Reserve Bank of India mandated that in respect of all borrowing arrangement exceeding Rs. 500 crores, an Independent Evaluation Committee (IEC) would carry out an evaluation of the Techno-Economic Viability (TEV) and the proposed restructuring package. Number of Cost Accountants are members of “Independent Evaluation Committees (IEC) “.     Read More     Read More     Read More
Advised all members Banks to engage Cost Accountants/Firms of Cost Accountants for Stock Audit and Risk Based Internal Audit and other Banking operations.     Read More

 

Cost Accountants in Employment:
As mentioned in the beginning, the Cost Accountants are most sought in the business world. There services are deemed vital in investment planning, profit planning, project management and overall managerial decision making process. Many members of the Institute are occupying the top positions in the organizations, as Chairman & Managing Director, Managing Director, Finance Director, Financial Controller, Chief Financial Officer (CFO), Cost Controller, Marketing Manager and Chief Internal Auditor etc.

Cost Accountants in Government Department:
Realising the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICoAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.

Cost Accountants in Education:
University Grants Commission (UGC) has notified “UGC Regulations on Minimum Qualifications for Appointment of Teachers and Other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education, 2010 vide its Circular No. F.3-1/2009 dated 30th June 2010.
The Regulations prescribe the minimum qualification for appointment of teaching faculty in universities and colleges in the area of Management/ Business Administration. The qualifications specified for appointment of Assistant Professor, Associate Professor and Professor in the above area and Principal/Director/Head of the Institution include First Class Graduate and professionally qualified Cost Accountant among other qualifications and subject to other requirements including qualifying NET/SLET/SET as the minimum eligibility condition for recruitment and appointment of Assistant Professors.

Further Academic pursuits:

  • Recognised by the Academic Councils of many Universities in India for the purpose of admission to the Ph.D. courses in Commerce. Various Universities have recognized CMA qualification for registration as M.Phil. and Ph.D. candidates in commerce and allied disciplines.
  • MOU between Indira Gandhi National Open University (IGNOU): As per MOU dated 11th July, 2008, IGNOU offers specialized B.Com and M.Com Programs for the students. The Students can simultaneously study the specialized B.Com (Financial & Cost Accounting) programme with the Institute’s Intermediate Course and specialized M.Com (Management Accounting & Financial Strategies) with the Institute’s Final Course. The details may be seen at Annexure-I.