The Institute of Cost Accountants of India on 13th August 2021 has published the Draft Cost and Works Accountants (Amendment) Regulations, 2021 to further amend the Cost and Works Accountants Act, 1959.
As per the draft, a new regulation 111D has been inserted which reads as “A member in practice may form a multi-disciplinary firm with the member of other professional bodies as prescribed under Regulations 111B and 111C in accordance with the regulating guidelines of the Council for functioning and regulation of such multidisciplinary firm”
As per regulation 111, a Cost Accountant in practice shall not engage in any business or occupation other than the profession of accountancy unless it is permitted by a general or specific resolution1 of the Council.
However, under regulation 111A, a Cost Accountant in practice may act as a Trustee, Executor, Administrator, Arbitrator, Receiver, Appraiser, Valuer Adviser. Secretary or as a secretarial Consultant, or as a representative for financial matters including taxation and may take up an appointment that may be made by the Central or State Governments. Courts of Law, Labour Tribunals or any other legal authority and Regulation 111B and 111C consist of various professional bodies.
The ICMAI has announced that the said draft will be taken into consideration on or after the expiry of a period of 45 days from the date on which the copies of the Gazette of India in which these draft regulations are published are made available to the public.
