CMA institute asks govt to allow members to conduct Statutory Audits under Companies Act 2013

The Institute of Cost Accountants of India (ICMAI) submitted a representation to the Hon’ble Finance Minister on 29th March to allow Cost Management Accountants (CMAs) to do financial audits under the Companies Act, 2013.

The institute has made a representation for undertaking financial audits of MSMEs and private limited businesses in accordance with international standards, as well as concurrent audits of banks.

The Chartered Accountants, The Cost and Works Accountants and The Company Secretaries (Amendment) Act, 2022 a Welcoming Proposal

The President of ICWAI praised recent changes to the legislation that govern the operations of the institutes of cost accountants, chartered accountants, and company secretaries.

He appreciates the GOI efforts to bring discernible reforms that would strengthen and give support to the Institute in the regulation & development of the CMA profession

Following other representations have been submitted by ICMAI:

• The Institute has submitted a representation to the Hon’ble Union Minister of Cooperation on 4th April 2022 for the inclusion of Cost Accountants to conduct the Audit under section 72 and special Audit under section 77 of Multi-State Cooperative Societies Act, 2002.
• The Institute has submitted a representation to the Secretary to the Government of India, Ministry of Corporate Affairs on 7th April 2022, requesting to ensure equal opportunity to Cost Accountants in the mandatory provision to be enacted for social audit of CSR spending.