ICAI-SIRC-Chennai Chapter 4.53

The Profession of Cost Accountancy is regulated by Special Act of Parliament namely, the Cost and Works Accountants Act 1959. With the passing of the act, “The Institute of Cost & Works Accountants of India” came into being on 28th May 1959. “The Institute of Cost Accountants of India” is the only recognized statutory professional organization and licensing body in India specializing exclusively in the field of Cost and Management Accountancy. It has its national headquarters at Kolkata and Regional councils at New Delhi, Kolkata, Mumbai and Chennai. It has 94 chapters established throughout the country and 6 centres abroad.

ICAI is a premier, dynamic, vibrant professional institution actively associating itself in the industrial and economic development of the nation. The profession places itself at the service of the nation, government, industry, and the society to realise the objectives of a welfare state resulting in the prosperity and the well being of its people - a fact increasingly realised with the opening up of the country's economy and change in the economic scenario of the world. In today's world, the profession of conventional accounting and auditing has taken a back seat and accountants increasingly contribute towards the management of scarce resources like funds, land and apply strategic decisions. This has opened up further scope and tremendous opportunities Cost and Works accountants to shoulder responsibility as Cost and Management Accountants in accordance with new dimensions and vision here in India and abroad. Members of this profession will be the driving force in the team of management while in employment and a key consultant, an effective Cost and Management Auditor and an appropriate advisor in place. This is why Cost Accountants in India are called Management Accountants all over the world. Its our other name.