CMA.P.Raju and CMA Vijender Sharma are elected as president and vice president of ICAI for the academic year 2021 to 2022. CMA DR.K. CH. AVSN Murthy, CMA Chandra Sekhara Reddy Punugoti, Chairman, and CMA K. Someswara Babu, Hyderabad chapter, secretary graced the function. Speaking to the media the Council members said that the initiative of ICAI is to support India towards the achievement in the year 2025 with a USD 5 trillion economy. CMA Raju is a member f ICAI from the year 2000. He was holding vice president from the year 2020 to 2021. He also holds an associate member position in CIMA, UK and ICSI. He worked with RR Academy as faculty and motivated the students with his guidance. His network of communication is in India and abroad. He is the treasurer of the SamskarBharathi, Tamil Nadu.
CMA P.Raju service history:
P.RajuIyer was selected consecutively two times by the Council of the institute. The year 2019 to 2023 was his term of service. From 2015 to 2019, he functioned as a member of the Council. He also has a record of working as chairman of the different committees such as the cost auditing and assurance standards board, professional development and CPD committee, and cost accounting standards board. He is the founder of the Chennai west study circle, 2012-13. He also holds the treasurer position in DSIR. From 2010 to 12, he functioned as convener for the online taxation forum. He worked as a professor in reputed institutes, colleges, universities, and foreign courses.
P.RajuIyer is a specialised professional in cost management, project management, finance and teaching. His service is over four decades with a responsibility towards organizational development, value addition, and wealth creation. He worked at Sundaram finance, state trading organization, Maldives, Air Maldives limited, and SamskarBharati, Tamil Nadu. CMA P.Raju is the proprietor of PRI consultants. ICMAI institute is the second-largest accounts institute in the world. It houses 5, 00,000 students pursuing CMA. The Council of ICMAI has headquarters in four regions with a count of 75,000 members. The institute has ten overseas centres also. He served as a member of the ICMAI institute from 2015 to 2019.
CMA P.Raju’s message to the students:
CMA P.Raju mentioned the state of the art centre in Hyderabad. The centre is with modern classrooms that back up the technical support. This centre of excellence helps the students to take up online centre based examinations. Online classes find the technology as constraining for the online examinations. By providing world-class classrooms, students realise the value of CMA courses. The value is raised to global standards. Data analytics, artificial intelligence, risk management and insurance management are the courses that grow exponentially in the business world. Periodical changes in Cost management subjects are an essential part to learn for cost accountants. The new president CMA P.Raju introduced new subjects as diploma courses to the students. These courses improve professionalism. Online examinations and MOUs with other foreign universities are part of welcoming international students to India. By launching Indian courses in foreign countries, the value of the course increases. The MSME industry needs to produce products for exports which will increase the value of the MSME sector. He said the CMA graduates are advised to provide advice to the MSME and start-up Companies. He says that local product sales and agriculture sector growth also requires the expert guidance of Cost accountants. As a part of the service, the board of agriculture from ICMAI provide advice to the farmers to market their products effectively. He says two courses of IGNOU with agriculture are linked to ICMAI. CMA Raju also wants to bring frequency to the foundation-level, intermediate-level and final-level cost accountancy examination. Currently, the examination is held two times a year. He wants to change this three times or four times. This led to managing the time constraints of the students.
Value of cost accountants:
ICWAI registered as an institute to develop cost management practices before independence. In the year 1944, the institute started its training and operations. Cost accountants are implementing cost-effective plans for the past 78 years in India. The previous president of ICAI, BiswarupBasu said the role of cost accountants in building self-reliant India is a big one. The institute organised the national corporate law summit to express the advantages of corporate excellence in India. He said that February 2021 will be conferred as the corporate law month. The role of cost accountants doubles the growth opportunities of the industry. Read below the points that elucidate the value of cost accountants.
• Cost accountants analyse the expenditure and improve the profit channels.
• During an economic slowdown, the only option for the industries is cost control strategies. These cost strategies help the businesses to run in different economic conditions. Cost accountants have a promising future as there is a rule to keep the cost accountants in a public limited company.
• In large industries and large projects, cost estimation and preparing a budget for the resource is essential. Over-estimation and underestimation hamper the growth of the business.
• The market of multiple products in India is dynamic. This leads to a competitive element. Cost analysis help for understanding the competition and risk management better.
• Economic activity is essential for the moderate growth of the economy. Banks, financial services and Companies contribute to the economic activity.
• Cost accounting connects the traditional approach and modern approach of accountancy.
• The Cost management understands the problems from real-time examples.
• Customer satisfaction and competition bring balance to the Companies.
• Lean accounting and value streams in cost management explain the simplification of costing strategies.
• The supply chain models of the products are built efficiently through control. These cost control points increase structural flexibility.
The variable and fixed costs play a crucial role in deciding the price as per the expenses and competition. The different conditions that require expert knowledge are the growth and recession of the Country. Auditors take care of the financial figures. Cost accountants help for shaping the future of the Companies. Both of the professions have unique responsibilities. The president speech confers the value of Cost and management accountants and the required changes with the course structure in the coming years.