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It is one of the most essential management services. It is a fairly new branch, a profession ushered in during the last century. With increase in competition and consequent economic pressures, cost and management accountancy has been finely interwoven into the main fabric of management. Collection, assimilation, collation and analysis of financial information from all areas of an organization are the functions of a cost accountant. It is his primary job to ensure that managerial decisions are well within the cost prescriptions. The cost accountant is expected to give a prognosis for projects to be undertaken based on past and present financial performances. In order to do this a cost accountant needs to take into account factors like cost of raw materials, labour, transport, overheads and the like. Knowledge of these costs will help the cost accountant prepare budgets for the operation that is planned. In a word the Cost Accountant can facilitate strategic decisions in respect of diverse economic activities of an organization where he/she is employed as an employee or deployed as consultant.

Functions Performed by Cost Accountants:

The law places certain conditions on the performance of certain functions. Where the law requires that a particular function be performed only by a certain professional, it should be so. Such functions are what we call statutory functions.

  • Under Sec 209(i)(d) of the Companies Act 1956 there are over 40 select industries where maintenance of cost accounting records is statutory. Under Sec 233 - B these records are to be got audited by a qualified cost accountant.
  • A cost Accountant is eligible for certification of Import/Export document under Export Import (EXIM) policy.
  • A Cost Accountant is eligible for Excise Audit under Sec 14 A and Special Audit regarding CENVAT credit availed under Sec 14AA of the Central Excise Act.
  • A Cost Accountant is allowed to do special audit under the Customs Act.

Members of the ICWA Institute are occupying high echelons like Chairman, Managing Director, Finance Director, Chief Executive, General Manager, Finance Manager, etc. in many Public and Private sectors organizations and also in the Government Department.

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