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.