Accountants express concern over new cost audit
rules
02/07/2014 17:24
Flagging concerns that the new rules would "severely affect" their profession, cost accountants' apex body ICAI has asked the government to bring more segments including automobiles, packaged food as well as plantation products under the cost audit ambit, reported PTI. The revised cost audit rules, as part of new companies law, were notified by Corporate Affairs Ministry on June 30, as per the media reports. "The coverage of industries does not have a clear logic and it will lead to major confusion as to what products are covered and what are not covered...," the Institute of Cost Accountants of India (ICAI) has written to Corporate Affairs Minister Arun Jaitley, seeking modification in the rules. "The changes made in the new Rules will severely affect the profession, its members and students totalling to around 6,00,000, the stakeholders and the Indian economy at large," ICAI President Suresh Chandra Mohanty said in the letter dated July 1, a day after the changed norms were notified.
02/07/2014 17:24
Flagging concerns that the new rules would "severely affect" their profession, cost accountants' apex body ICAI has asked the government to bring more segments including automobiles, packaged food as well as plantation products under the cost audit ambit, reported PTI. The revised cost audit rules, as part of new companies law, were notified by Corporate Affairs Ministry on June 30, as per the media reports. "The coverage of industries does not have a clear logic and it will lead to major confusion as to what products are covered and what are not covered...," the Institute of Cost Accountants of India (ICAI) has written to Corporate Affairs Minister Arun Jaitley, seeking modification in the rules. "The changes made in the new Rules will severely affect the profession, its members and students totalling to around 6,00,000, the stakeholders and the Indian economy at large," ICAI President Suresh Chandra Mohanty said in the letter dated July 1, a day after the changed norms were notified.
