The Hindu Business Line : Align accountancy profession with WTO regime: Minister

The ONGC Chairman and Managing Director, Mr Subir Raha, receiving the ICWAI National award for Excellence in Cost Management - 2004 from the Minister for Company Affairs, Mr Prem Chand Gupta, in the Capital on Saturday. - Kamal Narang

New Delhi , March 12

THE Company Affairs Minister, Mr Prem Chand Gupta, has stressed on the need to align the accountancy profession in the light of the WTO and emerging international economic environment. He was speaking at the inauguration of the Diamond Jubilee celebration of the Institute of Cost and Works Accountants of India (ICWAI).

He also highlighted the role played by the cost and management accountancy profession enabling the industry to gain competitive advantage. Regarding the time frame by which the report of the J.J. Irani Committee, examining the new company law, is expected, the Minister said, "it is expected in the next few months."

Speaking on the occasion, Ms Komal Anand, Secretary, Company Affairs, said, "Cost and management accountants play a significant role in helping the corporate sector compete successfully internationally."

The Minister also gave the awards for National Cost Management Excellence to India Inc. While Oil and Natural Gas Corporation (ONGC) bagged the first National Cost Management Excellence award - 2004 in the public sector category, Tata Steel received in the honours in the private sector category.

Steel Authority of India Ltd and Bharat Electronics Ltd bagged the second and third awards, respectively, in the public sector category. While Hero Honda Motors and Carborundum Universal Ltd bagged the second and third awards in the private sector segment.

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