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Hello There! Looking at the query I can definitely say that this is a very good and well thought query and am very glad that you approached CareerGuide.com to ask this query and seek clarification about the difference between what Cost Accountants (CWAs) and Chartered Accountants (CAs) do.
Cost Accountancy gives more weight-age to Cost Accounting as a subject. Or you can say that it is like professional degree with Costing/ Cost Accounting as a major subject. I hope you know what Cost Accounting means. This is allocating costs to each unit produced. This is more useful in manufacturing industries. Cost Accountants can do Cost Audit which is compulsory for certain manufacturing companies under the Companies Act, 1956 in India. As against this, Chartered Accountants get specialized knowledge in Taxation and Auditing. They have to undergo practical training under a qualified Chartered Accountant. They do the financial auditing meaning auditing the books of accounts. All companies need to get their accounts audited by a qualified Chartered Accountant under Companies Act 1956 in India. Further under the Indian Income Tax Act, any entity having turnover exceeding a certain threshold are to be audited under that Act. We can list a lot of such things but I have given fundamental differences. Hope you are reasonably clear now.
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Dr. Anand has 10+ yrs experience in education and financial sector, 12+ yrs into writing articles and books. He advises on Finance, Banking, Management, Commerce, Engineering, Education. B.Com, M.A. Economics, PGDFB (SIBM), DIT, Ph.D (Education Economics)
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