Cost Accountants seek permission to conduct Financial Audit for MSMEs

New Delhi, May 9 (KNN) The Institute of Cost Accountants of India (ICMAI) has proposed the government to consider permitting its cost and management accountants to conduct financial audit of MSMEs and private limited companies.

The institute has stated that the financial auditing of MSMEs will be carried as per global standards and concurrent audits of banks which would require an approval from the government. 

In April ICMAI submitted an MoU to the Finance and Corporate Affairs Minister Nirmala Sitharaman. 

Speaking to the media, ICMAI President P Raju Iyer said that if government approves our request it will help in effectively creating competition as well as provide value for services.

Iyer further expressed his support to the recent amendments made to laws governing the functioning of the institutes of cost accountants, chartered accountants and company secretaries. 

The Institute of Cost Accountants of India (ICMAI) set up under an Act of Parliament, has around 90,000 members and about 5 lakh students. Seeking to ensure competition as well as parity among cost and management accountants, and chartered accountants, the institute has asked the government to allow its members to do various activities, including the tax audit under the Income Tax Act, 1961.  (KNN Bureau)