What is the Full form of ICWAI?
The full form of ICWAI is Institute of Cost and Works Accountants of India. The ICWAI is also recognized as ICAI (Institutes of Cost Accountants of India) or ICMAI. The institute is a professional and certified organization that also regulates the Indian profession of cost & accountancy management.
The primary purpose of ICWAI is to control, promote, support & improve the management accountancy & cost profession in India by providing guidelines via training and practice via cost and management accountancy training.
A brief history of ICWAI
- The ICAI was first established in 1944 as an incorporated limited company under the provisions of the then company law of 1913 with the initial aim of promoting, controlling and improving the cost accounting field.
- Both Houses of Indian Parliament viz approved the CWA Amendment Act, 2011. Lok Sabha & Rajya Sabha on 12 December 2011, and passed on 12 January 2012 by the Honorable President of India. The amendments were released on 13 January 2012 in the Legal Gazette of India.
Eligibility criteria for ICWAI
- After completing the ICWA course, a candidate may become a cost accountant.
- Cost Accountant is simply an auditor of costs who checks the cost sheets.
- Cost Accountants are massive demand in the government-industry and several private industries such as banking, pharmaceutical, education & insurance.
- Through a joint venture with the other cost accountants, a C.A can also operate independently as cost accountants.