Saturday, November 22, 2008


ICWAI (THE INSTITUTE OF COST & WORKS ACCOUNTANTS OF INDIA) is one of the premium institutes of accountancy in India and offers a degree in cost and work accountancy. ICWA is a fairly a new branch but with the increase in competition and economic pressures, the role of ICWA has been growing. A cost accountant can offer his services as a value advisor, trustee, executor or CFO. The role of ICWA is of greater magnitude compared to Charted Accountants or Company Secretary.

The most important role of ICWA is to provide management services. A cost accountant helps in formulating profit planning program and evaluating operational efficiency. An ICWA gives influential advice on product pricing, planning, investment proposals, inventory control, export potential along with marketing and finances. He plays a major role in strategic management of funds, control of operations, analysis of data, budgeting and hence project management.
The role of ICWA is of great importance to any organization as a cost accountant helps in facilitating strategic decisions. He analyses the financial reports considering factors like labor, transport, cost of raw material, overheads etc. He helps the organization in making proper budget and hence helps the company in correct planning for their success.
The role of ICWA is very crucial for an organization as he is the master mind behind the financial operations of the company. He collects, assimilates, collate and thus analyze the financial information in the organization Due to economic linearization, there is a steep increase in appreciation for significant role played by an ICWA.

No comments: