• The Union Cabinet on May 24 approved various pacts that have been signed by the Institute of Cost Accountants of India (ICoAl) and the Institute of Company Secretaries of India (ICSI) with foreign organisations.

• ICoAl and ICSI have signed MoUs with foreign organisations namely Institute of Public Accountants (IPA), Australia, Chartered Institute for Securities and Investment, UK (CISI) and Chartered Institute of Public Finance and Accountancy (CIPFA), UK.

• They have also inked such pacts with Institute of Certified Management Accountants, Sri Lanka and Institute of Chartered Secretaries and Administrators (ICSA), UK.

• The MoUs seek to facilitate mutual recognition of qualifications and range of collaborative activities for exchange of knowledge, experience sharing and technical cooperation, among others.

Institute of Cost Accountants of India

• The Institute of Cost Accountants of India (erstwhile The Institute of Cost and Works Accountants of India) was first set up in 1944 as a registered company under the Companies Act with the objectives of promoting, regulating and developing the profession of Cost Accountancy.

• On May 28, 1959, the institute was established by a special act of Parliament, namely, the Cost and Works Accountants Act, 1959 as a statutory professional body for the regulation of the profession of cost and management accountancy.

• It is the only recognised statutory professional organisation and licensing body in India specialising exclusively in cost and management accountancy.

• A cost accountant is a person who offers to perform or perform services involving the costing or pricing of goods and services or the preparation, verification or certification of cost accounting and related statements.

• The head office is situated in Kolkata.

Institute of Company Secretaries of India

• The Institute of Company Secretaries of India (ICSI) is the only recognised professional body in India to develop and regulate the profession of company secretaries in India.

• It is a premier body, having its head office at New Delhi and 70 chapters across India.

• It was established on December 10, 1980 under an Act of Parliament — the Company Secretaries Act, 1980 — for the purpose of regulating the profession of company secretaries in India. 

• ICSI functions under the jurisdiction of the ministry of corporate affairs. 

• The institute provides quality education to the students of company secretaries (CS) course and quality set standards to CS members. At present, there are more than 57,000 members and about 4,00,000 students on the roll of ICSI.

Manorama Yearbook app is now available on Google Play Store and iOS App Store