ICMAI Proposes Draft on Cost and Works Accountants (Amendment) Regulations, 2023; Invites Stakeholder Comments

The proposed draft comprises significant changes to the existing regulations aimed at modernizing and streamlining the practices of Cost Accountants. Key amendments include the following:

1. Name Change: The regulations' name will be updated to "Cost and Works Accountants (Amendment) Regulations, 2023."

2. Change in Terminology: The term "Cost and Works Accountants" in Regulation 1 will be replaced with "Cost Accountants."

3. Maintenance of Register of Members: A new version of Regulation 3 will require the Register of Members to be maintained in the appropriate Form referred to in Schedule ‘A.’

4. Process for Certificate of Practice: Regulation 10 will be substituted with a new version outlining the process for granting or refusing a Certificate of Practice to a member.

5. Transparency in Disciplinary Proceedings: A new Regulation 15C will be inserted, mandating the status of actionable information and complaints pending before the Disciplinary Directorate, the Board, and the Committee to be available on the Institute’s website, updated every month.

6. Guidelines for Board of Discipline and Disciplinary Committee: Regulation 15D will be inserted, providing guidelines for the nomination of persons to the Board of Discipline and Disciplinary Committee constituted under Sections 21A and 21B of the Act.

7. Allowances for Disciplinary Authorities: Regulation 15E will be inserted, specifying the allowances payable to the Presiding Officer and members of the Board of Discipline and Disciplinary Committee.

8. Appointment of Auditors: Regulation 95 will be substituted, indicating the appointment of auditors by the Council each year.

9. Reappointment of Auditors: Regulation 96 will be substituted, specifying that auditors appointed by the Council may be eligible for reappointment for two more consecutive years.

10. Enhanced Powers of Office Bearers: Regulations 98, 98A, and 99 will be amended to define the powers and duties of the President, Vice-President, and Secretary, respectively.

11. Public Disclosure of Members: Regulation 104 will be substituted, requiring the Institute to publish and make available on the website the list of members of the Institute.

12. Registration of Firms: Regulations 108A, 108B, and 108C will be inserted, providing guidelines for the registration and operation of firms under the Institute.

The ICMAI issued a notification on 02.08.2023 inviting public comments and feedback on these proposed amendments. Interested stakeholders and individuals have been given a 30-day window from the date of publication of the notification to submit their views.

Click Here To Read/ Download Notification