The Institute of Cost Accountants of India (ICMAI) vide notification no. CWR(1)/2023 has notified the draft on Cost and Works Accountants (Amendment) Regulations, 2023 on 2nd August 2023. The institute has invited the comments on the same within 30 days of the publication of the notification.
The notification stated that “The following draft of Regulations to further amend the Cost and Works Accountants Regulations, 1959, which the Council of the Institute of Cost Accountants of India proposes to make, is hereby published, as required by sub-section (3) of section 39 of the Cost and Works Accountants Act, 1959 (23 of 1959) for the information of all stakeholders likely to be affected thereby, and notice is hereby given that the said draft regulations shall be taken into consideration on or after the expiry of period of thirty 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.”
The regulation may be called the Cost and Works Accountants (Amendment) Regulations, 2023. The institute has amended the Register of Members, Grant or refusal of Certificate of Practice, Appointment of auditors,Auditors, Powers and duties of the President, Powers and duties of the Vice-President ..etc.
And inserted Status of actionable information and complaints in public domain, Panel of persons for nomination to the Board of Discipline and Disciplinary Committee constituted under Section 21A and Section 21B of the Act, Allowances payable to the Presiding Officer and members of the Board of Discipline and Disciplinary Committee constituted under Section 21A and Section 21B of the Act, Manner of registration of firm and terms and conditions,Register of Firms,..etc.
It was notified that the status of actionable information and complaints pending before the Disciplinary Directorate, the Board and the Committee shall be made available on the website of the Institute and shall be updated every month.
Any person desirous of making any objection or suggestion in respect of the said draft Regulations, may forward the same for consideration by the Council of the Institute of Cost Accountants of India within the period so specified addressed to the Secretary, The Institute of Cost Accountants of India, CMA Bhawan, 12, Sudder Street, Kolkata – 700 016.
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