ICWA Full Form
ICWA Full Form-What is ICWA? ICWA is a law that provides legal protection to the Indian Child Welfare Act, a federal law of India that was originally enacted in 1978 to protect the interests of Indian children and their families, but has been amended numerous times, most recently in 2013.
ICWA Full Form is mentioned below :
|Institute of Cost & Works Accountants of India|
What is ICWA?
The Indian Council of Audit & Expenditure, commonly known as ICWA, is an independent body of Government appointed by the Central Government, to review and audit the expenditure of the Government and the General Administration Departments.
What is ICWA doing?
ICWA has now set up of a special fund called Ease of Doing Business Fund for SMEs and MSMEs, at the level of the Department of Economic Affairs, to support SMEs and MSMEs, with challenges related to this area. What is the objective? Providing financial assistance to SMEs & MSMEs, who seek financial assistance from India, in the areas of Finance, Administration, HR and Legal Support. What is the procedure?
ICWA’s objectives :
To promote and preserve the standards of professional competence, ethics and conduct of Cost and Management Accountant at all levels of industry and commerce. To promote the Indian Cost and Management Accountant profession and generate awareness about its essential contributions to the quality of economic and business processes, thus promoting and ensuring the development of the Cost and Management Accountancy profession in India. Indian Cost and Management Accountancy profession in India The history of Cost and Management Accountancy practice in India is relatively short. The need for cost accounting started in late 1940s. This was a time when there was a big increase in the volume of material supplied and demand for services and goods rose.
ICWA’s History :
ICWA is known for promoting professionalism amongst CAs and CPA candidates by continuously providing internationally accepted qualifications and develop the premier international partnership with over 880 member associations across the world. Who will join ICWA? Candidates from India can join ICWA after completing their graduation and passing exams from the respective government recognised institution. Students from around the world can also join the association after completing an undergraduate degree from an accredited university and passing examinations. How to join ICWA? To become a member of ICWA, aspirants must complete the necessary coursework and take exams, or take a post graduate degree after completing the programme in an appropriate programme of study.
ICWA’s services :
In 1948 the Institute of Cost and Works Accountants of India was established by the Government of India as an autonomous statutory professional body to provide accountancy services to the public sector in India and to formulate cost accounts of the Government of India. Subsequently, a bill to re-establish the Institute of Cost & Works Accountants of India by the Parliament was passed in August 1988 which resulted in the formation of the Institute of Cost & Works Accountants of India in December 1988. The first ICWA session was held from July 11, 1989 at Mumbai, under the aegis of the Bureau of Production and Production Costs of the Ministry of Heavy Industry, Government of India.
Official Website : icwafoundation
Getting enrolled with ICWA :
Candidates for enrollment in the ICWA are selected on the basis of their training, experience, research papers/papers, annual report, articles and teaching experience. Those who are already enrolled with any professional accountancy body in India are not eligible for this examination. Candidates who are already enrolled with other bodies which conduct Cost and Management Accountancy Examination are also not eligible to appear for this exam.
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