Who is a Cost Accountant?
A Cost Accountant (CMA/ICWA) is a professional accountant by virtue of his/her being a member of the professional body of accountants conducting the cost accountancy course.
Cost Accountants carry on professional practice as Cost Accountants either individually or as a firm (in partnership with other cost accountants). They are mostly found working as employees/consultants in organizations. Some carry on professional practice and work as employees/consultants in organizations.
Functions performed by Cost Accountants only
The law places certain conditions on the performance of certain functions. Where the law requires that a particular function is performed only by a certain professional, it should be so. Such functions are what we call statutory functions.
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.
A Cost Accountant is eligible for certification of Import/Export document under Export-Import (EXIM) policy.
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.