Designation for these professionals » CWA/ICWA :: Cost Accountant
Functions performed by Cost Accountants onlyThe law places certain conditions on the performance of certain functions. Where the law requires that a particular function be performed only by a certain professional, it should be so. Such functions are what we call statutory functions.
|1.||Under Sec 209(i)(d) of the Companies Act 1956 there are over 40 select industries where maintenance of cost accounting records is statutory. Under Sec 233 - B these records are to be got audited by a qualified cost accountant.|
|2.||A cost Accountant is eligible for certification of Import/Export document under Export Import (EXIM) policy.|
|3.||A Cost Accountant is eligible for Excise Audit under Sec 14 A and Special Audit regarding CENVAT credit availed under Sec 14AA of the Central Excise Act.|
|4.||A Cost Accountant is allowed to do special audit under the Customs Act.|
Where the specialised knowledge of the professional would be very much crucial in performing the function, we find that they are performed only by the relevant professionals.