The recently notified cost audit rules as per Companies Act, 2013 has become a matter of sorrow and great concern as the notified rules curtailed the cost accountant’s profession scope by increasing the threshold of net worth from 5 crores to 500 crores thereby exempting a large number of manufacturing companies from having cost audit by the virtue of which the central council of the Institute of Accountants of India (ICWAI) had submitted its resignation to the Hon’ble Minster of corporate affairs Shri Arun Jaitley as the profession has dropped the scope of employment and other major aspects relating to the profession, becoming a flash point.
The President of the Institute further added that the ministry didn’t hold any formal meeting before finalising the rules and also didn’t respond to the mailing fowarded by the council members of the Institute by way of representations.
Since, now it has been scanned and therefore the officials of the ministry has ensured to meet the senior council of the Institute by next as the minister was busy in the budget and a positive hope has now arisen for the restoration of the previously made regulations and to revive the obstacles faced by the council members.
