The Institute of Cost Accountants of India, previously known as the Institute of Cost and Works Accountants of India (ICWAI), is a professional body established in India to promote the study and practice of cost and management accountancy. Here’s a brief history of the Institute:
- Formation: The Institute of Cost and Works Accountants of India (ICWAI) was formed on 28th May 1959 under the Cost and Works Accountants Act, 1959. The Act received the assent of the President of India on 28th May 1959 and came into force on 1st June 1959.
- Recognition: The ICWAI was recognized as a statutory professional organization under the Companies Act, of 1956. It is the only recognized professional body in India for the regulation of cost and management accountancy.
- Name change: In 2012, the ICWAI Act was amended, and the institute changed its name to the Institute of Cost Accountants of India (ICAI). The name change was aimed at better reflecting the scope and focus of the profession.
About The Institute of Cost Accountants of India- Patna Saheb Chapter
The Institute of Cost Accountants of India -Patna Saheb Chapter is one of the prominent chapters of the Institute. It is located at Historic birthplace of guru gobind singh ji Maharaj birth place patna Saheb. To know more about us visit the Contact Us page.
The primary objectives of the institute are to promote, regulate, and develop the profession of cost and management accountancy in India. It aims to provide education, training, and professional development to its members and facilitate the use of cost and management accounting techniques in various sectors.