Institute of Cost and Works Accountants of India (ICWAI)
The Institute of Cost and Works Accountants of India is a statutory body of Government of India.It was established by an Act of Parliament of India in the year 1959, however the same was in existence as a company since 1944.The Institute of Cost Accountants Of India (ICAI) which was some time ago known as Institute of Cost and Works Accountants of India (ICWAI). Institute of Cost & Works Accountants of India (ICWAI) has changed it’s name into The Institute of Cost Accountants of India (ICAI).
The ICAI is a establisher Member of the Confederation of Asian and Pacific Accountants (CAPA) , South Asian Federation of Accountants (SAFA) and International Federation of Accountants (IFAC). ICAI is a member of the National Foundation of Corporate Governance(NFCG). ICAI works closely with the industries, various departments of Government of India, State governments in India. ICAI also works with the other Regulating Authorities in India e.g. Securities and Exchange Board of India, Reserve Bank of India, Insurance Regulatory and Development Authority, etc. on several aspects of performance, reporting and cost optimisation.
The Headquarters of The Institute of Cost Accountants of India is situated in Kolkata, and works through its 4 regional councils located in the Metro cities e.g. Kolkata, Chennai, Delhi and Mumbai, 94 chapters in India and 78 chapters abroad.
ICAI is the only professional body specialised in the field of Cost and Management Accountancy (CMA) in India aims at imparting training and coaching in the subject of Cost and Management Accountancy.
ICWA course also has changed into CMA course, no difference between CMA and ICWAI. They are 2 different words used to explain one single thing CMA stands for Cost and Management Accounting whereas ICWAI stands for Institute of Cost and Work Accountant of India. Apart from the strict importance, there is no difference at all.
ICAI plays vital roles in the field of Cost and Management Accountancy in this manner contributes in economic and industrial developments of the country.which encourage training programme for Cost and Management Accountancy. ICAI promotes, regulates and develops the profession of CWA in India.