NEW DELHI, 18 NOV 2008. The Institute of Cost and Works Accountants of India in its drive to promote and propagate the profession of cost and management accountancy has now taken the initiative to promote an Institute of Cost and Management Accountants in Oman.           

To give effect to this effort, the ICWAI has entered into a Memorandum of Understanding with the Omar Zawawi Establishment LLC (OMZEST), one of the premier groups in the Sultanate, on last Saturday in the presence of Shri Jitesh Khosla, Joint Secretary, Ministry of Corporate Affairs, Govt. of India, Shri B. B. Goyal, Adviser (Cost), Ministry of Corporate Affairs, Shri Indrajith Fernando, Adviser - South Asian Federation of Accountants (SAFA) and other dignitaries, which has set the scope of relationship between the two bodies.

According to Mr. Kunal Banerjee, President, ICWAI, the Global Summit of Management Accountants held in January 2008 in Delhi gave a fillip to the efforts of ICWAI to go beyond the country and make its presence felt as a driving force of management accounting profession in the global arena. As a continuum of this process, it is co-promoting a new management accounting body in Gulf in the Sultanate of Oman. The progressive policies of the Sultanate of Oman are creating conducive conditions for a steady economic development and as the commercial activities expand the Omanese economy will be in need of highly skilled management accountants to support the needs of strategy, management and accounting.

In terms of this MOU, ICWAI will be technically guiding Oman in developing the syllabus relevant for the Omanese economy and help them in conducting the examinations periodically. The pass certificates will be awarded by IMA Oman.

According to Mr. Kunal Banerjee, in the first phase, technician level courses will be introduced to be followed by Business Accounting certification and later on the management accounting qualification. The course will also include training modules with the Omanese business units for the students.

OMZEST is an Omani company having diverse commercial interests including promoting higher education in Oman and ICWAI is a premier Cost and Management Accountancy Institute, which is a member of the International Federation of Accountants (IFAC), The Confederation of Asian and Pacific Accountants (CAPA) and The South Asian Federation of Accountants (SAFA), wish to establish an Institute of Management Accountants in Oman (IMAO).

To advice IMAO to award certificates ICWAI shall play the role of Technical Collaborator/ professional service provider/ consultant to academics programme for designing the course syllabus. IMAO will award the certificate on which it will be mentioned that this programme is designed and examinations are conducted by ICWAI. In designing the course syllabus by ICWAI, the suggestions offered by IMAO will be taken into consideration, wherever necessary. ICWAI shall provide the entire course material; rules and regulations regarding the course; detailed curriculum; course design, all learning material including original computer software and relevant legislations pertaining to ICWAI on a regular basis.

ICWAI shall formulate Course Curriculum in line with Oman’s Industrial requirement of Cost and Management Accounting profession facilitating conduct to be named as “Certified Accounting Technician” (CAT) course.