Institute of Cost Accountants of India organized conclave on ‘Cost Audit – Stakeholders’ Value Proposition

MUMBAI, 23 DECEMBER, 2019 (HPN): Technical Cell of Institute of Cost Accountants of India organized one day Conclave on Cost Audit Stakeholders Value. Former Cabinet Minister Shri Suresh Prabhu was Chief Guest and Shri T S Balasubramanium Member Finance Tariff Authority of Major Ports was Guest of Honour. The conclave was conducted on 20th December 2019 at Yashwantrao Chavan Auditorium, Nariman Point Mumbai. During his speech on the ocession Shri Suresh Prabhu stressed upon importance of cost accountancy and cost consciousness in current global economy, where cost control is the way for business survival. Shri Prabhu also added importance of Cost Audit like mechanism in Current scenario. He also released book on Internal Audit of Cost Records published by Technical Cell of Institute. Guest of Honor Shri T S Balasubramanium stressed upon utilities of Cost Audit by government authorities in the past. While speaking on the conclave Dr, Dhananjay Joshi emphasised that Government should use mechanism like Cost Audit more effectively to have cost control and cost reduction for government organizations and departments.

Shri Prabhu in his speech also shared experience working with Railways wherein he found that Cost and Management techniques like Cost Centre, Profit Centre are not used effectively. He also said that Cost Accountants should come forward with Natural Resource Accounting to preserve Natural Resources of the Country. Sitting Rajya Sabha MP Shri Prabhu’s speech was well appreciated across fraternity of Cost Accountants all across.

Besides that Experts from fields like Income Tax, GST, Industry, Economics, Consumer Forums, Banks were invited as speaker and many of them stressed upon increasing scope of Cost Audit across the sector. It was attended by large number of Members and Students of Institute. CMA Balwinder Singh President and CMA Bishwaroop Basu Vice President also attended the Conclave. CMAs Neeraj Joshi, Ashish Thatte, Vinayak Kulkarni and Chaitanya Mohrir took good efforts to make the One day conclave successful. ENDS