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| Release of Guidance Notes |
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"On behalf of Shri
P. C. Gupta, Hon'ble Minister of Corporate Affairs,
Government of India, Shri P. D. Sudhakar, Additional
Secretary to the Government of India, Ministry of
Corporate Affairs released two Guidance Notes on
"Internal Audit" and " Cost of Production for Captive
Consumption (Under Rule 8 of the Central Excise
Valuation (Determination of Price of Excisable Goods)
Rules, 2000)" respectively during the function organised
to announce the formal launch of CAT course at New Delhi
on 9th January, 2009. These notes are developed by the
Professional Development Committee of ICWAI based on the
experience of Senior Professionals in the Industry and
in Practice.
Referring to the speech of Hon'ble Minister for the
Corporate Affairs to the Government of India on the
occassion, Additional Secretary, Ministry of Corporate
Affairs lauded the role of ICWAI which has provided a
stream of Cost & Works Accountants to the industry and
nation who have contributed immencely by keeping the
high standards of profession. He further emphasized the
role of training and guidance to professionals as a must
in today's world of fast changing business environment
and need to adopt best international practices with
highest ethical standards. He further added the release
of the two Guidance Notes by ICWAI is a welcome step in
this direction.
Brief on Guidance Notes issued by ICWAI
The Guidance Note on Cost of Production for Captive
Consumption addresses the need of the Cost Practitioners
in the field to have an authoritative guidance on
various aspects involved in the valuation process and
takes into consideration the methodology prescribed by
the Cost Accounting Standard-4 issued by the Institute
earlier.
The Guidance Note on Internal Audit describes it as an
independent and objective oriented assurance and
consulting activity designed to add value and improve an
organisation's operations. It helps an organisation
accomplish its objectives by bringing in the systematic
and disciplined approach to evaluate and improve the
effectiveness of the operations of an organisation in
totality." |
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Guidance Note on Internal Audit
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Guidance Note on Cost of Production for Captive Consumption (Under Rule 8 of the Central Excise Valuation (Determination
of Price of Excisable Goods) Rules 2000)
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