The President of Institute of Cost Accountant of India (ICAI) in his January News letter has informed the members that the Institute is making regular follow-up with the Ministry on its representation submitted to the Hon’ble Union Minister for Finance and Corporate Affairs to allow Cost Accountants to do financial audit of companies under the Companies Act, 2013 including MSMEs. The (ICAI) submitted a representation to the Hon’ble Finance Minister on 29th March to allow Cost Management Accountants (CMAs) to do financial audits under the Companies Act, 2013.

The institute has made a  for undertaking financial audits of MSMEs and private limited businesses in accordance with international standards, as well as concurrent audits of banks. In Last month’s newsletter, CMA Vijender Sharma, President ICMAI informed that the ICMAI has raised the matter of the inclusion of Cost Accountants in the definition of “Accountant” under the Income Tax Act, 1961 in Pre-Budget Memorandum submitted by the Institute for the Union Budget 2023-24