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ICAI or ICWAI as was previously known has its goals set to the promotion, regulation and development of the profession of cost accountancy and accordingly enough, boasts of being a premier. Statutory professional accountancy body in India and moreover the only licensing cum regulation body of cost and management accountancy profession in the country.

Primarily Endowed with the task of setting the auditing and assurance standards for statutory cost audit 2 b followed in the audit of cost statements in India, it also issues other technical guidelines on several aspects like internal audit, management accounting etc.to be followed by practising cost accountants during their services.

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