New Wings in Management Accountancy

Abstract

In the business arena , particularly of Listed and Unlisted Companies ,the professionals viz Chartered Accountants , Company Secretaries and Cost Accountants have got statutory recognition for employment as whole time employees of the Companies or as financial Auditors, or Cost Auditors or Corporate Auditors , as provided in the Income Tax Act 1961 or Companies Act 1956 (now Act of 2013) , and other government regulations, which are mandatory provisions , but unfortunately , prior to 2013 , no such recognition was given to the Management Accountants. Section 138 of the Companies Act intends to recognise the value of Management Accountants (professionals) by giving rights to management to appoint these professionals at Statutory Position of Internal Auditors. The curriculum of Management accountants is wider than that of others. They are better suited to work as business professionals as they have knowledge of finance and all allied business tributaries/activities. They can work as conduit between the executives of all departments and the management. The advancement of computer and other information technology, touching the borders of Artificial Intelligence, are ready to give him wings to fly higher than other professionals and attain better social and financial status in business world. He would be known as financial wizard, if he grab this golden opportunity to hold double charge as Internal Auditor and Data Analyst. He will be helpful to management in drafting prudent corporate policies , budgets , processes and other forecasts, based on the unbiased data analysis , of historical past performance of the company and other competing business entities.