‘Cost and Mgmt audit should be mandatory in every co’

Source: The Hitavada      Date: 10 Jun 2018 09:58:27


Business Bureau,

Appreciating the dynamic steps initiated by the Government in transforming the country’s economy and building a new India, CMA Sanjay Gupta, National President of the Institute of Cost Accountants of India, said that Cost and Management audit should be made mandatory for all the companies. As of now, only those companies with more than Rs 100 crore annual turn over are required to take up the audit.
He was addressing the press conference held here in the city on Saturday. Gupta was in city to attend a training programme.

Gupta said that Cost and Management Accountants are instrumental in ensuring cost competitiveness in Indian manufacturing companies. “The CMA is a professional that has stride relentlessly to promote the socio economic development of the country. The Institute of Cost Accountants of India (ICAI) is working closely with the Government to assure an effective and significant role of CMA professionals in GST and other important statutes.
Gupta further said that that introduction of Goods and Services Tax (GST), demonetisation and Insolvency and Bankruptcy Code, 2016 (IBC) would lead the nation on the path of success and glory.

Gupta said that the Institute has incorporated ‘Section 8 Company’ as Insolvency Professional Agency (IPA) of the Institute under the provisions of the Insolvency and Bankruptcy Code 2016 and Rules and Regulations framed there under.
CMA is world’s second largest and Asia’s largest institute with over 75,000 members and 5 lakh students under its banner.

ICMAI Registered Valuers Organisation (RVO) promoted by the Institute and recognised by the Insolvency and Bankruptcy Board of India (IBBI) to conduct educational courses for three different asset classes - Land and Building, Plant and Machinery and Securities or Financial Assets. The Institute has launched its educational courses on Valuation at various locations across the country.

The ICWAIMARF arm of the Institute is undertaking research studies to propagate the Cost Consciousness and Cost Culture amongst the Government departments. At present ICWAIMARF is undertaking a comprehensive study of existing costing system in Indian Railways (IR), proposing a suitable up-gradation of the existing system to ensure managerial analysis of costing data for efficiency improvements in key performance areas.

Shriram Mahankaliwar, RCM, gave the welcome remarks. Also present were Y P Sah, Chairman Nagpur Chapter; P V Bhattad, Former National President; Anil Verma, Secretary; Ashok Behera, Treasurer; and Aman Sahastrabuddhe, Vice-Chairman.