What is the full form of ICWA?
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What is the full form of ICWA?
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The full form of ICWA is Institute of Cost and Works Accountants of India. It is now called Institutes of Cost Accounts (ICAI) of India. It statutory professional accountancy body in India which has the objective to promote regulate and develop the profession of Cost & Management Accountancy. It was founded on 28 May 1959 and headquartered in Kolkata and its regional office is in New Delhi, Mumbai, and Chennai. It prescribes the Cost Accounting Standards to be followed by organizations in India to which statutory maintenance of cost records applicable. It is only licensing and regulating organization of Cost & Management Accountancy in India. It is responsible for setting the standard of auditing and assurance for statutory Cost Audit and also issues technical guidelines of other aspects like internal audit, Management Accounting, etc.
ICWA conducts three levels of examination (Foundation, Intermediate, Final) to qualify the course. A student has to qualify the examination successfully and complete 3 years of practical training then only they are eligible to apply for Associate membership of the Institute.
Membership
ICWA gives two designations to the members of the institute based on their type of membership.
1.ACMA (Associate Cost and Management Accountant) Members who have successfully completed three levels of the exam and three years of practical training are eligible for ACMA.
2.FCMA (Fellow Cost and Management Accountant)- Members who have been practicing in India for at least 5 years or a member who has been an Associate for not less than 5years are eligible for FCMA, they can apply for this membership.
