The new horizon

Now, from the 90’s, with the advent of liberalization and globalization Cost Accountants are playing a new role as Cost Management acquires new meaning and strategic competitive cost management appeared as the key success factor in this WTO regime. Today the Cost Accountants are the most sought after professionals for strategic management and cost competitiveness in all kinds of enterprises as well as government sector, banking & finance sector, development agencies, education, training & research sector, service & public utility sector etc. In fact, the management orientation of Cost Accountants had been recognized long back in other countries of the world where Cost Accountants are known as ‘Management Accountants’.

The scope of practice for Cost Accountants has also improved radically because, in the era of liberalization with the minimization of government control measures, regulatory agencies have sprung up and professionals like Cost Accountants are essential aids to such regulatory functions. Consequently, in replacement of government control and inspection Excise Audits under Section 14A and 14AA by Cost Accountants have been introduced. With the introduction of Value Added Tax (VAT) replacing the State Sales Tax Acts practicing Cost Accountants’ scope of work has also improved vastly not only as VAT Consultants but also for VAT related Audits that Cost Accountants can conduct. There are myriads of other fields of operation for Cost Accountants. In brief following are some of the significant areas for practicing Cost Accountants today.

• Statutory Cost Audit under Section 233 (B) of the Companies Act, 1956. List of Industries under Cost Audit
• Certification under Export & Import Policy.
• Excise Audit under Section 14A & 14AA of the Central Excise Act
• Audit under State VAT Acts in several States
• Audit under Cooperative Acts in several States
• Special Audit for Certification of manufacturing account as per Customs Act.
• Consultancy Assignments. Fields for Cost Accountants

In academics too Cost Accounting qualification from ICWAI is regarded as a major accomplishment.

• Under AICTE guidelines Cost Accountants are treated at par with Ph Ds for appointment as Professors, Associate Professors/Readers, Assistant Professors/Lecturers in AICTE approved Management Institutes.
• Cost Accountants can also register for Ph D in many of the Universities. List of Universities where Cost Accountants can do Ph.D