Opportunities for Cost and Management Accountants (CMAs)

 

Opportunities for

Cost and Management

Accountants (CMAs)

 

Job Opportunities for CMAs

 

With the globalization of all economic activities, the industries both in manufacturing and service sector have recognized the potential of Cost and Management Accounting profession in giving support in effective resource management and making the operations more cost effective for facing the challenges of management.

 

Cost and Management Accountants provide services in investment planning, profit planning, project management and overall managerial decision making process. Many members of the Institute are holding top management positions, viz., Chairman, CEO/CFO, Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Chief Internal Auditor, Senior Accounts Manager, Branch Accountant, etc.

 

Central Government has constituted an all-India cadre known as Indian Cost Accounting Service (ICAS) at par with class-I services for framing of fiscal and tax policies.

 

The Specialised knowledge and skill of the professional members of the Institute are being given due recognition for different Audit or Certification work under different statutes like Maintenance of Cost Accounting Records and Cost Audit under section 148 of The Companies Act, 2013 and Valuation Audit.

 

Cost and Management Accountants (CMAs) have a leading and important role to play in GST era. The major scopes for CMAs in GST environment can be stated as follows:

1.       CMAs are authorised u/s 48 of the CGST Act, 2017 to act as approved Goods and Services Tax Practitioner;

2.       CMAs are authorised u/s 66 (1) of the CGST Act, 2017 to conduct Special Audit;

3.       CMAs are recognised u/s 116 (2) (c) of the CGST Act, 2017 as Authorized Representative to appear before an officer appointed under the Act, or the Appellate Authority or the Appellate Tribunal in connection with any proceedings under the Act;

4.       CMAs are required to advise and guide the Registered Taxpayers to reconcile, prepare and file GSTR 9.

 

Specific Job Opportunities for CMAs

 

Cost and Management Accountants (CMAs) have specific job opportunities in different industries of both manufacturing and service sector in the functional areas of:

1.             Cost Accounting;

2.             Financial Accounting;

3.             Financial Management;

4.             Financial / Business Analysis;

5.             Statutory Cost Auditing / Internal Auditing / Special Auditing such as Environment Audit, Forensic Audit, CSR Audit, Management Audit, Performance Audit, etc.;

6.             Direct & Indirect Taxation;

7.             Systems Analysis & Systems Management;

8.             Functional Consultancy in ERP implementation;

9.             Process Analysis in BPO houses;

10.      Academic Careers in College / Management Institute etc.;

11.      Implementing Business Intelligence Systems;

12.      Securities analysis and management; etc.

 

Professional Opportunities for CMAs

 

Scopes for Practising CMAs

1.             Maintenance of Cost Records and Cost Audit under The Companies (Cost Records and Audit) Rules, 2014 under section 148 of The Companies Act, 2013;

2.             Internal Audit u/s 138 of The Companies Act, 2013;

3.             Certification of various forms in Director General of Foreign Trade under the Ministry of Commerce and Industry;

4.             Audit of Co-operative Societies;

5.             Stock Audit of Joint Stock Companies and other business enterprises;

6.             Concurrent and Due Diligence Audit of various Banks;

7.             Special Audit under Customs Act, 1962;

8.             Certification under EXIM Policy;

9.             Certification of Consumption for import Application;

10.      Tax Consultancy;

11.      Registered Valuer;

12.      Project Management Consultancy;

13.      Surveyor and Loss Assessor under Insurance Act, 1938;

14.      Recovery Consultant in Banking Sector;

15.      Business Valuation;

16.      Financial Services;

17.      Advisor to an Issue;

18.      Internal Audit in State / Central Public Sector Undertakings;

19.      Internal Audit for Stock Brokers / Trading Members / Clearing Members / Depository [SEBI Circular No.: MIRSD / DPSIII / Cir-26/08 dated August 22,2008];

20.      Conducting Special Audit u/s 66 (1) of the CGST Act, 2017;

21.      Appearing as Authorised Representative u/s 116 (2) (c) of the CGST Act, 2017 before an officer appointed under the Act, or the Appellate Authority or the Appellate Tribunal in connection with any proceedings under the Act;

22.      Advising and guiding the Registered Taxpayers in reconciling, preparing and filing GSTR 9 as per the CGST Act, 2017.

 

Management Consultancy Services that can be offered by the CMAs

Cost and Management Accountants (CMAs) can offer following management consultancy services to the industries both in manufacturing and service sectors:

1.             Financial management planning and financial policy determination;

2.             Cost management planning and costing policy determination;

3.             Capital structure planning and advice regarding raising of capital;

4.             Working capital management;

5.             Preparing project reports and carrying out feasibility studies;

6.             Preparing cash budget, cash flow statements, profitability statements, statements of sources and application of funds;

7.             Budgeting including capital budgets and revenue budgets;

8.             Inventory management;

9.             Market research and demand studies;

10.      Pricing of products and services and other management decision making;

11.      Introducing and implementing Management Accounting Systems including TQM, BPR, Cost Control and Value Analysis;

12.      Developing, maintaining and controlling Management Information System (MIS) and reporting to top management;

13.      Manpower Planning and assisting in personnel recruitment and selection;

14.      Setting up executive incentive plans, wages payments plans etc.

15.      Performing management, operational, performance, quality, environmental and energy audits;

16.      Valuation of shares and business and advice regarding amalgamation, mergers and acquisitions;

17.      Advising in regard to business policy making, corporate planning, organisation development, growth and diversification;

18.      Framing Organisation Structure and Behaviour;

19.      Development of human resources including designing and conducting of training programmes, work measurement, time study, method study, job description, job evaluation and evaluation of workloads;

20.      Carrying out systems analysis and design and providing computer related services including selection of hardware and software and carrying out other professional services like EDP, e-filing etc.; and

21.      Acting as advisor or consultant for raising funds in the Capital Market, including the matters such as:

a.            Drafting of prospectus and memorandum containing salient features of prospectus;

b.            Drafting and filing of listing agreement and completing formalities with Stock Exchanges, Registrar of Companies and SEBI;

c.            Preparation of publicity budget;

d.           Planning promotion of the issue;

e.            Managing an issue of shares including holding conferences of brokers, investors, and underwriters;

f.                Arranging underwriters;

g.            Preparation and distribution of publicity materials viz. application form, prospectus and brochure;

h.            deciding on the quantum of issue material (In doing so, the relevant provisions of the Code of Conduct must be kept in mind);

i.                  Giving advice regarding selection of various agencies connected with issue, namely Registrar to Issue, printers and advertising agencies, etc.; and

j.                  Giving advice in regard to the post issue activities, e.g. listing of instruments, despatch of certificates and refunds.