ICWAI Full Form- Institute of Cost and Works Accountants of India
Updated on 26 February, 2024
upGrad Abroad Team
upGrad abroad Editorial Team
)What is ICWAI? The full form of ICWAI is Institute of Cost & Works Accountants of India.
An association for professional accountants in India is called the Institute of Cost Accountants of India (ICMAI), formerly The Institute of Cost & Works Accountants of India (ICWAI).
The Indian government's Ministry of Corporate Affairs is the owner of it. The Ministry of Corporate Affairs has designated its primary duty as making contributions to the worldwide cost and management accounting profession.
In accordance with the terms of the Companies Act of 1913, the Institute of Cost Accountants of India was initially established as a registered limited company on June 14, 1944.
After independence, on May 28, 1959, the Indian Parliament passed "The Cost and Works Accountants Act, 1959" (Act No. 23rd of 1959), a special act that gave ICMAI (formerly ICWAI) formal registration as an independent professional institute.
Objectives of ICWAI
- To strengthen the role of cost and management accounting as an effective management control instrument across all economic domains.
- To encourage and further the application of scientific techniques in management and cost accounting.
- To properly equip and develop the professional body of members to carry out their duties and achieve the Institute's goals in the context of the developing economy.
- For the industry and other economic activities to remain vibrant over time, it is imperative to stay up to date on the most recent advancements in cost and management accounting concepts and practices.
- To oversee new hires in the field and make sure that the industry adheres strictly to the highest ethical standards.
- To facilitate the exchange of ideas for professional development by holding conferences and seminars on topics of professional interest around the nation.
- To conduct research, publish articles on a range of economic topics, and produce books and pamphlets to disseminate professional knowledge to members of Indian and international industrial, educational, and commercial entities.