Indian Cost Accounts Service (ICoAS)
Indian Cost Accounts Service
- In 1978, Indian Cost Account Service (ICoAS) was constituted and recruitment rules were notified in 1982.
- Only Accounting Service having professional Cost/Chartered Accountants.
- Chief Adviser Cost is managing authority and central repository of the cadre.
- 31 participating offices of various Ministries/Departments such as Economic Affairs, Revenue, Commerce, Company Affairs, Defence, Chemicals & Fertilizers, Industry, Agriculture, Consumer Affairs and PD, Supply National Pharmaceutical Pricing Authority, I&B etc.
Compliment the efforts of Central and State Governments/Departments:
- In optimum utilization of resources through allocation and monitoring of funds, cost control and cost reduction and efficency techniques.
- To aid revenue authorities in transparent assessment of revenues and curb evasions and commercial frauds.
- In fixation of reasonable prices of goods and services.
- To protect industry, consumers and investors from unfair/restricted trade practices
- Anti-dumping mechanism
- Predatory pricing
- Abuse of dominance
To provide advice on Cost and related Financial Management matters.
Office of Chief Adviser Cost
Office of Chief Adviser Cost is advising the Ministries and Government Undertakings on Cost Accounts matters and to undertake cost investigation work on their behalf. Office of Chief Adviser Cost is one of the divisions functioning in the Department of Expenditure. It is a professional agency staffed by Cost/Chartered Accountants.
Office of Chief Adviser Cost is dealing with matters relating to Costing and Pricing, industry level studies for determining prices, studies on cost reduction, cost efficiency, appraisal of capital intensive projects, profitability analysis and application of modern management tools evolving cost and commercial accounting for Ministries/Department of Government of India.
Functions of Office of Chief Adviser Cost are advisory in nature. Duties include cost/price studies and expert advice thereon, on receipt of references from various Ministries/Departments. The duties are discharged by carrying out field visits, in-depth examination and analysis of cost data etc. and thereafter, the reports/recommendations are sent to the referring Ministries/ Departments. Being a recommendatory body, it is for the concerned Ministries to take decision on the recommendations of the Office of Chief Adviser Cost.
Generally Accepted Accounting Principles, Accounting Standards, Cost Accounting Standards and prevalent statutory laws are adhered to in arriving at cost/price of product/service. Further, In order to bring transparency concerned organizations are involved as required during the course of study.
Office of Chief Adviser Cost generally does not undertake any study on its own on suo-motu basis and acts only on references received from Ministries/ Departments from time to time.
Office of Chief Adviser Cost generally does not undertake any job related to Procurement/ Acquisition of Goods & Services, Assets etc. under procedure of GFR 2005/ GFR 2017/ Procurement Manuals of respective Ministries/ Departments/ Organizations as these are mandated to deal with such issues.
Similarly, Office of the Chief Adviser Cost generally does not undertake any job which is mandated to Financial Adviser of the organization under ‘The Redefined Charter for Financial Advisers’ issued by Ministry of Finance in the year 2006.
Office of Chief Adviser Cost is also cadre controlling office for the Indian Cost Accounts Service (ICoAS) and looks after requirement of the officers for the continuous up-gradation of their knowledge in addition to rendering professional guidance to the ICoAS officers working in different participating organizations.
Really a worthy information….tq
How to become an ICoAS..
Cannot find anywhere else..
And please can specify more about syllabus , exam details..
how to apply in (ICoAS)?