The Institute of Cost and Works Accountants of India (ICWAI)

The central Government accorded statutory recognition to the ICWAI with the Parliament passing the cost and works Accountants at 1959 (23 of 1959). The central government in the year 1964 amended the companies Act 1956 by introducing statuary maintenance of cost accounting record in select core industries and audit of the same by qualified cost and management accountants.

In the year 1982, by realizing the importance of the profession in the economic development, the central government created an all-India cadre known as Indian cost Accounts Service, at par with class I services of the central government to advise the government on various fiscal matters.

During the year 1994, the Institute celebrated the Golden Jubilee year of the formation.

Association with international professional bodies

The ICWAI is a member of the International Federation of Accountants(IFAC), The Confederation of Asian and Pacific accountants(CAPA), and the South Asian Federation of Accountants (SAFE). In IFAC, The ICWAI is represented in the Financial and Management Accounting Committee and in CAPA in the Executive committee. The ICWAI as a leader in the field in the south Asian Region is also imparting training to accountants from overseas countries.

Location of regional councils, chapters and examination centres

The ICWAI has established four regional councils to assist the central council in discharge of its functions, with head-quarters at Mumbai, Calcutta, chennai and New Delhi.The ICWAI has established a chain of chapters throughout the country and abroad, in all major cities and towns mainly to provide coaching facilities to the students, organize professional development programs for the members, public relations drive to propagate the message of the profession among the local industry, government and other bodies.