sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling
 Income-tax (5th Amendment) Rules, 2018
 Last-minute tax tips for late filers
 What demonetisation did to tax collections

Accountant agony
July, 08th 2009

Cost accountants fear their profession may become redundant as the budget has allowed chartered accountants to do excise audit, which was their exclusive domain.

Allowing chartered accountants to conduct excise audits under sections 14A and 14AA of the central excise act is unfair and an unjustified move, which discriminates against cost accountants, Kunal Banerjee, president of the Institute of Cost and Works Accountants of India, told News.

He said the Finance Bill had sought to dilute the expertise of cost accountants, whose role had been well defined by Parliament in the cost and works accountants act.

Audit under sections 14A and 14AA were till now the exclusive domain of cost accountants as these special assignments require particular expertise relating to the application of cost accounting principles and techniques, Banerjee said.

The audit under section 14A of the central excise act relates to the valuation of goods for the purpose of the levy of excise duty. The audit under section 14AA relates to the utilisation of Cenvat (central value added tax) credit.

He said that if the intention of the legislature was to equate both professions on an equal footing, cost accountants should immediately be recognised under the definition of accountants in section 288 of the income tax act.

Financial audit and income tax audit, which are important areas for a companies audit, are already with chartered accountants. Why are they being allowed to enter the small exclusive domain of cost accountants? said Banerjee.

Cost audit is a mechanism to provide assurance about the integrity of cost information to regulators and government departments.

Auditing under section 233(B) of the Companies Act 1956, excise audit under Section 14A of the central excise act and special audit under section 14AA of the central excise act are the main revenue generating areas for cost accountants.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions