Cost Accounting & Audit – The Future

Abstract

In this era of hyper competitive market where every business is witnessing unprecedented technological disruptions, sustainability can be built only by focusing on "cost" and "value". With an aim to infuse & strengthen the culture of cost competitiveness in all companies in India, a paradigm shift was first made in 2011 in the domain of Cost Accounting & Cost Audit. Owing to enactment of Companies Act in 2013, this shift remained short lived. Successful efforts were made to restore a significant part in 2014 but the need of the hour is to "manthan" and assess where we are, what we want, how we can achieve, and how we can turnaround the future of cost accounting & audit profession in India. Equally, there is need to create well trained CMAs, support the regulatory framework, undertake research studies and convert the existing framework as a value added tool for the industry – all this requires focused approach at the Institute.