News Headline: Central Council of Cost Accountants of India resigns The row over the Cost Audit Rules introduced under the Companies Act has reached a flash point as the entire central council of the Institute of Cost Accountants of India (ICWAI) submitted its resignation to Finance Minister Arun Jaitley, who also has the charge of the corporate affairs ministry. The cost-audit mechanism-which is designed to establish the link between cost of inputs such as raw materials, labour and power and price of a product - can effectively counter profiteering and crony capitalism, according to the practicing professionals. But the new Companies Act, 2013 curtailed the professions scope, by removing a number of industries from its purview and raising the net-worth threshold for a company to be audited for cost to Rs 500 crore from Rs 5 crore. The institute had .. A former president of ICSI (Institute of Company Secretaries of India) however, expressed his sympathy with cost audit professionals. The entire Rule making process by MCA was not what it ought to have been in terms of transparency and procedure, this person said, asking not to be named.
Posted on: Sat, 19 Jul 2014 07:22:21 +0000
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