ICA of India
The Institute of Cost Accountants of India(ICAI), previously known as the Institute of Cost & Works Accountants of India (ICWAI), is a premier statutory professional accountancy body in India with the objects of promoting, regulating and developing the profession of Cost Accountancy. It is the only licensing cum regulating body of Cost & Management Accountancy profession in India. It recommends the Cost Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable. ICAI is solely responsible for setting the auditing and assurance standards for statutory Cost Audit to be followed in the Audit of Cost statements in India. It also issues other technical guidelines on several aspects like Internal Audit,Management Accounting etc. to be followed by practising Cost Accountants while discharging their services. It works closely with the industries, various departments ofGovernment of India, State governments in India and other Regulating Authorities in India e.g. Reserve Bank of India, Insurance Regulatory and Development Authority,Securities and Exchange Board of India etc. on several aspects of performance, cost optimisation and reporting.
The ICAI is a Founder Member of theInternational Federation of Accountants(IFAC),[1] Confederation of Asian and Pacific Accountants (CAPA)[2] and South Asian Federation of Accountants (SAFA).[3] ICAI is a member of the National Foundation of Corporate Governance(NFCG).[4] The headquarters of ICAI is situated in Kolkata, and operates through its four regional councils located at Kolkata, Chennai, Delhi and Mumbai, 94 chapters in India and 78 chapters abroad.
History
President and Board of Central Council
CMA Sanjay Gupta has been unanimously elected as the President of the Institute of Cost Accountants of India for the year 2017-2018.
Apart from a Fellow Member of the Institute, CMA Sanjay Gupta also holds a B.Com degree. Since his childhood days his mind was application oriented, thus, he found keen interest both in mathematics as well as in playing football. He has represented his District and State in his short span of football career.
An academician with more than 25 years of teaching experience he has authored several books on Valuation Management, Operations Management, Cost Audit, Laws & Audit, Cost & Management etc. He has published several articles in different reputed journals and offered his professional acumen in different professional institutes including Government organizations.
Qualification and syllabus
Cost & Management Accountants (CMAs)
CMA Logo for exclusive use by Indian CMAs
This is the primary qualification of the ICAI and following completion of up to three levels (Foundation, Intermediate and Final) examinations[6] and three years of practical training[7] in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Audits, Corporate Laws etc. enables an individual to become a Cost & Management Accountant.
- The new syllabus has been introduced in August 2016 following the International Education Guidelines (IEG) of IFAC to get the advantages in the process of Mutual Recognition Agreement ( MRA) among /different member countries of the world under GATS in WTO.
- Subjects for examinations includemanagement accounting, Financial Accounting, strategic management, taxation, corporate law, financial management, business valuation, financial reporting and cost & management audit etc.
- Students who have passed degree examination of any recognised university or equivalent are eligible for admission directly to Intermediate level.
- Paperwise exemptions on the basis of reciprocal arrangement are available to students who have passed Institute of Company Secretaries of India Final Examination.[8]
- Examinations are held twice a year in June and December in various examination centres in India and overseas centres. And Results are declared in the month of August and February for June term and December term exams respectively.[9]
A student has to pass three levels of examination and complete three years of practical training to be eligible to apply for Associate membership of the Institute.
The members of the Institute of Cost Accountants of India carry the designation ACMA (Associate Cost and Management Accountant) and FCMA (Fellow Cost and Management Accountant), as applicable based on their type of membership of the institute.
Other certification and diploma courses
Certificate in Accounting Technicians (CAT)
The Certificate Course in Accounting Technicians (CAT)[10] was launched by ICAI in year 2009. This is one-year course that comprises examinations, computer Training, practical training and orientation training programmes. The main objective of CAT is to develop among the students the necessary skills required to apply theoretical knowledge of accounting to practical situations in different functional areas of accounting.The CAT Course comprises two levels namely Level-I & Level -II and a CAT aspirant is required to complete both the examinations for obtaining CAT Certification.
Certificate in IFRS Convergence
In order to equip its members with the knowledge of International Financial Reporting Standards (IFRS) which is scheduled to be introduced in India in the near future, ICAI has introduced the "Certificate Course on International Financial Reporting Standards(IFRS) Convergence'.
Diploma in Management Accountancy (Dip. MA)
The Management Accountancy Examination is a post-membership examination. Only Members of ICAI who have completed at least a period of one year's Associateship are eligible for admission to this examination.[11]This is a research oriented Programme in two parts. Part I consists of two groups and Part II requires for submission of a Dissertation followed by Viva-voce. On completion of the referred Programme, a candidate is eligible to use the letters-"Dip. MA" after his or her name.
Diploma in IS Audit and Control
This is a Certification program of the Institute. The Program adopts the curriculum of ISACAand seeks their help in choosing the right faculty and examiners. The Institute has adopted the ISACA Model curriculum for IS audit and control (3rd edition). The ISACAmodel curriculum entitles the program to be posted on the ISACA web site, and graduates of the program shall qualify for one year of work experience toward the CISA certification. ICAI members would be entitled to two years of further credit. Therefore, of the total requirement of five years of work experience in the IS Audit Domain, members successfully undergoing this course would need only two more years of relevant experience. The course curriculum would give them the required technical impetus and exposure to successfully complete the remaining two years of training requirement. Only members of the Institute are eligible for registration for the programme.
Diploma in Business valuation
A Cost & Management Accountant who is in whole-time practice for at least five years is now eligible to be registered as a Registered Valuer. Registered Valuers will provide valuation in respect of property, stocks, shares, debentures, securities, goodwill or any other assets or net worth of a company or its assets or liabilities. This diploma course aims to develop proficiency in Valuing assets and liabilities through a learning process that blends concepts with applications. The course is an advanced knowledge module that presupposes understanding of management accounting and corporate finance. The candidate for his diploma course must have passed the final examination of the Institute.
Diploma in Internal Audit
This is another Certification program of the Institute. The course will be delivered through distance learning mode, supported by webinars. Completion of a detailed project report/ case study write‐up will be mandatory for the completion of the course. Course will be of one-year duration and will involve investment of 240hours of learning. In addition, a participant is expected to invest around 50 hours in completing an Internal Audit project in the last leg of the course concurrently. The candidate for his diploma course must have passed the final examination of the Institute.
Membership
A person who has passed the Final Examination of the Institute and has obtained for a period of not less than three years of practical experience in the field of Cost & Management Accountancy and other related areas can apply for Associate Membership. The practical experience as above may be acquired prior to or after passing the Final Examination or partly before and partly after passing the said examination. The applicant has to produce evidence to the satisfaction of the Council[12]
According to Sec 2(b) of CWA Act 1959, “Cost Accountant” means a person who is a member of the Institute. Sec 5(1)provides that the members of the Institute shall be divided into two classes designated respectively as Associates and Fellows.
Associate Member (ACMA)
This is the basic membership of the institute. Application for Associate Membership should be made in prescribed Form 'M2' available at the Headquarters of the Institute in Kolkata and the offices of Regional Councils and Chapters. The application should be accompanied with prescribed fees mentioned in the Form ‘M-2’, experience certificate(s) duly attested by the employer(s) in original and photocopy of certificates of date of birth and highest academic qualification of the applicant. The experience can also be certified by the employer(s) in Form ‘M-2’.[13]
However, for general convenience, institute has established online membership application mechanism.[14] After admission to membership, members are entitled to use the letter "ACMA" after his name to indicate that he or she is an Associate Member of the ICAI.
Fellow Member (FCMA)
An Associate Member who has been in continuous practice in India for at least five years or a member who has been an Associate for a continuous period of not less than five years and who possesses such qualifications and experience as the Council may prescribe apply for Fellow Membership of ICAI.[15]
Any person whose name is entered in the Register as a fellow of the Institute and so long as his name remains so entered, shall be entitled to use the letters "FCMA" after his name to indicate that he is a Fellow of the ICAI.
The Council of the Institute has mandated that the members of the Institute should use "CMA" as the prefix before their names to signify that he/she is a professional "Cost & Management Accountant".
Mandatory Continuing Education Programme (CEP) for members
In line with the recommendations of the International Federation of Accountants and feeling the need to have compulsory and continued training of the members of the Institute, the institute has made training mandatory for all members to ensure constant updating of knowledge and skills of members. The institute has also framed certain guidelines covering the requirement of eligible training, awarding and recording of credit hours as well as features for considering programmes eligible to award credit hours. The objective of Continuing Education Programme is to assist the members in widening their knowledge base and in improving their skills to be at the cutting edge of technology by providing training and expertise in critical areas.[16]
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