The Institute of Cost and Works Accountants of India (ICWAI), now known as Institute of Cost Accountants of India (ICAI) is a premier professional body established in 1944 under the Cost and Works Accountants Act, 1959 to regulate and develop the profession of Cost and Management Accountancy in India.
ICWAI/ICAI conducts professional education programs and certifies individuals who pass its examinations, and holds the responsibility to regulate the profession of cost and management accountancy in India. The Institute conducts certification courses and conducts exams for three levels of certifications: Foundation, Intermediate and Final.
The main objective of ICWAI/ICAI is to develop and regulate the profession of cost and management accountancy in India. The institute sets standards for education, training, and practice of cost and management accountancy, and conducts examinations to test the knowledge and skills of those who wish to become cost and management accountants. The institute also provides continuing professional education to its members, and disciplines members who violate its code of conduct.
Cost and management accountants play a vital role in the corporate sector, being responsible for cost management, financial management, and financial reporting. They assist organizations in making informed decisions by providing accurate and timely financial information and analysis. They also play a key role in cost control, budgeting, and forecasting. They are responsible for ensuring that the organizations they work for are in compliance with various laws and regulations, including tax laws and accounting standards.
ICWAI/ICAI also provides various services to its members, including access to its library and research facilities, and networking opportunities with other professionals. The institute also publishes a journal, the ‘Cost and Management’ which focuses on the latest developments in cost and management accountancy. The institute also conducts various training programs, workshops, and seminars to keep its members updated with the latest laws and regulations.