Management Accountant Blog

This is part 7 and concluding part of the topic Professional Body and Professionalism by CMA B V Prabhakar. He discusses on how accounting bodies IMA-USA,ICWAI-INDIA & ICSI-INDIA apply the above principles.


View CMA B V Prabhakar's profile


THE COMPANY SECRETARIES ACT, 1980
ICSI, being a statutory body is regulated by the CS Act and for the management of the affairs and for discharging the functions assigned to it by the CS Act , there is a Council of the Institute.

Every member of the Institute is entitled to designate himself as a Company Secretary.
There are two classes of members,
c) those who are in practice and d) those who are otherwise occupied.

The practising members conduct secretarial audit, annual return certifications and various other statutory certifications. Conducting of such statutory audits and certifications require high degree of competence and proper professional conduct.

The Council has been empowered to institute any enquiry into cases where it is prima facie …

This is part 6 of the topic Professional Body and Professionalism by CMA B V Prabhakar. He discusses on how accounting bodies IMA-USA, ICWAI-INDIA & ICSI-INDIA apply the above principles.

View CMA B V Prabhakar's profile

III. INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI)

(www.icsi.edu)


The Institute of Company Secretaries of India (ICSI) is constituted under an Act of Parliament i.e. the Company Secretaries Act, 1980 (Act No. 56 of 1980) is the only recognized professional body in India to develop and regulate the profession of Company Secretary(CS) in India and the Institute of Company Secretaries of India(ICSI) rewards the certificate of bestowing the designation of Company Secretary(CS) to a candidate qualifying for the membership of the Institute of Company Secretaries of India(ICSI).

The Institute of Company Secretaries of India(ICSI) has on its rolls over 20,000 members including over 3,000 members holding certificate of the practice and has totally registered over Five La…

This is part 5 of the topic Professional Body and Professionalism by CMA B V Prabhakar. He discusses on how accounting bodies IMA-USA, ICWAI-INDIA & ICSI-INDIA apply the above principles.

View CMA B V Prabhakar's profile

STATEMENTS ON STANDARD AUDITING PRACTICES

The Cost Accounting Standards, Statements on Standard Auditing Practices and Guidance Notes establish standards which have to be complied with to ensure that costing statements are prepared in accordance with generally accepted Cost accounting standards and that auditors carry out their audits in accordance with the generally accepted auditing practices.

They become mandatory on the dates specified in the respective document or notified by the Council.

Cost Accounting Standards (CAS)

Cost Accounting Standards are formulated by the Cost Accounting Standards Board and issued by the Council of the Institute.

The Cost Accounting Standards are issued for use in the presentation of Cost statements. They become mandatory on the da…