CWA ICWA : Designation and Functions performed

ICWAICWA ICWA (2008)BIAbout Cost Accountancy Course • CWA - Designation and Functions performed

Designation for these professionals ยป CWA/ICWA :: Cost Accountant

Functions performed by Cost Accountants only

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.

1.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.
2.A cost Accountant is eligible for certification of Import/Export document under Export Import (EXIM) policy.
3.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.
4.A Cost Accountant is allowed to do special audit under the Customs Act.

Where the specialised knowledge of the professional would be very much crucial in performing the function, we find that they are performed only by the relevant professionals.

Functions performed by all Professional Accountants