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TMCNet:  Withdraw cost audit draft rules: Accountants [Pune] [Times of India]

[December 02, 2013]

Withdraw cost audit draft rules: Accountants [Pune] [Times of India]

(Times of India Via Acquire Media NewsEdge) PUNE: The Pune chapter of Cost Accountants staged a day-long protest outside the PMC office on Friday against the new draft Cost Audit Rules published by ministry of corporate affairs. The Western India Regional Council (WIRC) of the Institute of Cost Accountants of India (ICAI) has asked the government for an immediate withdrawal of these draft rules.


The protest, which began at 9.30 am and continued till around 5.30 pm, saw approximately hundred city-based cost accountants agitating against the proposed Companies (Cost records and Cost Audit) Rules 2013.

They allege that it severely curtails the scope of the cost audit mechanism by proposing to exempt a large section of the private sector, while focusing on only the government-funded companies.

Madhuvanti Sathe, chairman of the Pune chapter of Cost Accountants, said, "We are worried because the draft rules will dilute the cost audit mechanism and adversely affect the cost consciousness and cost competitiveness of the Indian industry and put the consumers at a disadvantage. As per the proposed rules, only 600-odd of the current 15,000 companies will remain under the ambit of the cost audit, of which most are in the public sector. This will ultimately make it difficult for the government to have any sort of control on the costs and the prices of goods in the country," she said, adding that their fraternity was surprised that these changes were being proposed just two years after they were last amended in 2011.

The Pune Chapter of Cost Accountants also submitted a memorandum of their concerns to Pune Municipal Commissioner Mahesh Pathak. "This issue does not concern the local bodies, yet the commissioner gave us a chance to explain our views and has assured to pass on our memorandum to the Union government," Sathe said.

The WIRC will also send their suggestions to the ministry of corporate affairs which has sought reactions to its draft rules till December 14.

(c) 2013 Bennett, Coleman & Company Limited

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