The full form of ICWAI is Institute of Cost and Works Accountants of India. The Institute of Cost Accountants of India (ICAI), or ICMAI, is another name for the ICWAI. The institute, a qualified and professional organisation, also oversees India’s cost and accounting management profession.
By offering guidance through training and practice through cost and management accounting training, ICWAI’s main goal is to control, promote, assist, and improve the management accountancy & cost profession in India.
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ICWAI’s Brief History
- The original purpose of the ICAI, which was founded in 1944 as an incorporated limited company by the then-applicable requirements of the company law of 1913, was to advance, regulate, and enhance the field of cost accounting.
- The CWA Amendment Act 2011 was enacted by both Houses of the Indian Parliament. On December 12, 2011, the Lok Sabha and Rajya Sabha passed a resolution signed by the President of India on January 12. The revisions were published in the Legal Gazette of India on January 13, 2012.
Eligibility Criteria
- A candidate who completes the ICWA course can work as a cost accountant.
- An auditor of costs who examines the cost sheets is a cost accountant.
- Cost accountants are in high demand in the public and various private sectors, including banking, pharmaceuticals, education, and insurance.
- A C.A. can also work independently as a cost accountant by forming a joint venture with other cost accountants.