What is ICWAI? What is the qualification required for it?
Lakshmi Singh A: ICWAI stands for the Institute of Cost and Works Accountants of India. Cost accountants collect, organise, collate and analyse the operational efficiency of large organisations, help management evaluate the effectiveness of their products / services, and fix the budget and end price. CWAs combine their knowledge of taxation and accountancy with that of management and quantitative techniques to evaluate the financial aspects, determine accountability for cost and profit variance and provide alternatives in monetary terms for the organisation. It is now mandatory for 38 categories of companies to have a cost audit. Cost accountants help the management stabilise budgets and standards, evaluate operational efficiency and the effectiveness of production and service management, thus guiding managerial decisions. As a cost accountant you can find jobs in accounting (internal audits, book keeping and financial accounting), finance and taxation, audit and costing in industry (a
