Managerial Competency Programme: I am pleased to inform that the council has taken a decision in its 245th meeting held on 26th & 27th March 2008 to launch a Managerial Competency Programme for the Members. Initially this course will be offered to the Members who have 3 to 5 years Post qualification experience in the industry. The basic objective of introducing this course is to upgrade the skill of members through case studies, mock interviews, submission of dissertation etc., This course will be launched along with A level Management Institutes of the country like IIMs or ISB. Duration of this course will be 3 months and it will be run on the pattern of Management Institutes. Efforts will also be made to constitute a Board of Managerial Competency Programme, which will consist of high-level dignitaries from the Industry, academicians, Government etc.,

Advertisement Guidelines: The Council in its 245th Meeting has considered the recent developments in India and issued guidelines for facilitating the members to advertise their services. Accordingly, members of the Institute who hold the Certificate of Practice can advertise their services.

The areas in which the Cost Accountants in Practice can and do render their services and the names, addresses and other particulars of Cost Accountants in Practice are displayed on the website of the Institute. However, members of the Institute are required under the Act to maintain high standards of professional conduct.

Accounting Technicians Course: In view of the expected shortage of approximately ten lakh accountants in the junior level in the next 10 years, the Institute has launced a certificate course in Accounting Technician. The course has been designed especially to cater to the Small and Medium Enterprises (SME), retail sector, KPO and BPO sectors and Panchayats, following a recommendation by the Union Ministry of Corporate Affairs.

Unlike other professional courses a student must complete the 10+2 level to be eligible for admission into the entry level of the course and commerce graduates can directly seek entry into competency level. The cost of the complete course is Rs.8600/-. The Council entrusted the administration of the Certificate Course to a Board constituted under the aegis of the Institute to be named as ÒBoard for Accounting Technicians CourseÓ under the Chairmanship of Shri GN Venkataraman, CCM. The other members of the Board are Dr.Sanjiban Bandyopadhyay, Shri V C Kothari and Shri H K Goel, CCMs.

Recognition of Cost Accountants to conduct VAT Audit in Maharashtra: Recently Honourable Bombay High Court has delivered a judgement categorically recognizing the Cost Accountants along with Chartered Accountants for conducting VAT Audit under Maharashtra Value Added Tax Act. Detailed copy of the judgement is available in our website : www.myicwai.com.

Expert Group : The first meeting of Working Group constituted for the review of existing Cost Accounting Standards and Cost Audit Report Rules was held on 22nd April 2008 and the deliberations are progressing well.

Forthcoming Programmes :

The Institute is organizing a One day seminar jointly with the Competition Commission of India(CCI) and ASSOCHAM on the theme ÒIndustry on High Growth Trajectory under the new competition regimeÓ

Eminent speakers from CCI and legal professionals have been invited to speak on topics viz. Emerging Competition Regime-Regulation of Combinations, Anti-Competitive agreements and abuse of Dominance, Competition Law-What is there for SMEs and Consumers?, Role of Cost Accounting professionals under the Competition Act.

I am very proud to share that the ICWAI 5th National Award for excellence in Cost Management 2007 has received tremendous response from the industry. Several companies have sent their nominations this year. Giant companies including three fortune 500 companies have participated in the award by sending their nominations. It has been observed that the performance of participating companies has tremendously improved over the years and it was a gigantic task for the Screening Committee and the Jury as well to select the best company among them and Institute is organizing investiture ceremony for presenting the awards on 1st May, 2008 at Vigyan Bhawan, New Delhi.

Programme on Performance Management : The Council has decided to organize a Programme on Performance Management in Chennai in association with CII. The programme is being organized in Chennai in the month of May and the same will be organized in all the other regions also in the coming months.

Programme of Surat Chapter : Surat ÐSouth Gujarat Chapter of WIRC of ICWAI has organized a Programme to honour Shri Manubhai Desai who has completed 75 years of age. He was felicitated on the occasion and members including Mayor of Surat present on the occasion have appreciated the services of Shri Desai for the betterment of Surat Chapter and WIRC of ICWAI.

Research & Journal Committee : I am also happy that the Research & Journal Committee under the able leadership of Shri A N Raman, CCM is making great strides in elevating the quality of journal to global level. Very impressive improvement in the quality of contents of the journal has already been achieved that will now be packaged in high-class printing using premium quality of paper.

Placement : I am extremely happy to inform you that placement initiatives taken across the country has reached tremendous results and Al Hassan Group offered a candidate an initial salary of Rs.80000/- PM. The salary on an average ranged between Rs.2.5 lacs to 5.5 lacs by other companies.

Training to Faculty Members : As all of you are aware, the Institute has introduced new syllabus from 1st January 2008 based on IFAC guidelines and the same is matching the syllabus of Management Accounting Institutes of developed countries. It has been decided by the Council that the faculty of the Institute who have to teach the students under the new syllabus will be trained by Shri S R Bhargave Chairman TEF Committee and CCM and Shri A S Durga Prasad, Chairman WTO Committee and CCM. I am pleased to inform that both of them had already taken full day session with the faculty and explained the main features of the new syllabus.

Wishing you all the very best.



Chandra Wadhwa

President