Cost and Management Accountant Career in Practice

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Cost and Management Accountant Career in Practice : : Intermediate Course in Cost and Management Accountant

As a practitioner, the sky is the limit for Cost & Management Accountants. The main areas of practice are detailed below :

Cost Audit :

Cost Audit is a statutory work under Section 233-B of the Companies Act, 1956. Government of India has framed Cost Accounting ( Records ) Rules for companies engaged in a host of industrial activities. The list of such industries is growing year after year. By notification, the ambit of statutory cost audit is being increased. Again, many progressive companies are voluntarily hiring Cost Accountants for cost audit because of the immense benefit from it. The time is ripe for the cost accountants to catch hold of this opportunity.

Stock Audit :

This is a verification service for the commercial banks. Commercial banks provide working capital loans to business house on the pledge of its stock – in – trade. In order to secure the interest of the bank, cost auditors are empanelled to carry out stock audit on a quarterly basis. In almost all the commercial banks, panels are maintained and as per work in hand, assignments are given.

Audit of Cerrvat Credit and Special Audit :

This is a statutory service under Sections 14A and 14AA of the Central Excise Act, 1944. Chief Commissioner of Central Excise maintains a panel of Cost Accountants for assignment of audit of Cenvat credit availed by assessee and special audit for excise purpose. These two types of audit are ordered under Sections 14 A and 14 AA of the Central Excise Act, 1944 when the Assessing Officer is not satisfied with the return filed by the assessee and when there is complicacy in the accounts which requires detailed examination by expert. More recently, the Central Excise Department is hiring the services of Cost Accountants for desk audit on a retainer basis.

Specific recognitions :

Recognition has been conferred upon the Cost Accountant in Practice to represent the case before the quasi-judicial authorities like the Company Law Board; Income Tax Appellate Tribunal; Central Excise, Customs & Service Tax Appellate Tribunal ( CESTAT ) etc. After specializing on a particular field of law, cost accountants can provide value added services to the clients.

State Sales Tax Laws :

Value Added Tax laws of most of the States recognise the Cost Accountant for the purpose of audit of records of the assessee. They also recognise the professional for appearing on behalf of the assessee before the Commissioner ( Appeal ) or the Appellate Board / Tribunal. Because of the rigorous training and the analytical capabilities of cost accountants, they are in a position to serve the clients in a cost effective fashion.

Miscellaneous Assignments :

The cost accountants are in a position to offer diverse range of services like preparation of feasibility reports for a project, documentation for loan under different schemes of Financial Institutions, management consultancy in respect of specific managerial decision making, preparation of effective cost accounting system, implementation of the compliance set – ups, etc. In fact, the scope is increasing. For an aspirant, the sky is the limit. For details about the course and the profession, prospective students can get in touch with the Regional Councils / Headquarters of the Institute as given below :

Head Quarters :

The Institute of Costs & Works Accountants of India,
12, Sadder Street,
Kolkata – 700016,
Phone No. : ( 033 ) 2252 – 1031 to 35,
Website :

East India Regional Council

The Institute of Costs & Works Accountants of India,
84, Harish Mukherjee Road ,
Kolkata – 700025,
Phone No. : ( 033 ) 2455 – 3418 / 2455 – 5957.

West India Regional Council

The Institute of Costs & Works Accountants of India,
“Rphit Chambers”,
4th Floor Janmabhoomi Marg Fort,
Mumbai – 400 001,
Phone No. : ( 022 ) 2287 – 2010 / 2284 – 1138.

North India Regional Council

The Institute of Costs & Works Accountants of India,
3, Institutional Area,
Lodi Road ,
New Delhi – 110003,
Phone No. : ( 011 ) 2462 – 2156 / 2461 – 8645.

Southern India Regional Council

The Institute of Costs & Works Accountants of India,
4, Montieth Lane,
Chennai – 600 008,
Phone No. : ( 044 ) 2855 – 4443 / 2855 – 4326.

JEE Main

Application Form Submission 16 Dec 2020 to 16 Jan 2021.