What is the difference between CA and ICWA?

The name ICWAI was renamed as ICAI (Institute of Cost Accountants O India). Lett's see the difference : - CA. Are mainly dealing with the audit of the financial statement. Tier duty is to form an opinion about the company he/she audit and give in his/her audit report. Whereas Cost Auditor deals with the audit of cost statement and he /she has to submit his /her report in Form CRA-3 within 180 days from closure of financial year to BOD and Form CRA-4 to Central Government. - The syllabus for CA and CMA are similar but not same. - The scope for CA. Is wider when compared to CMAs. As CMAs are focused on costing only. - Cost audit is not substituted for financial audit. Its an additional audit. Cost sheet data can be reconciled with financial data in order to ensure the reliability of the data. - CA. Audit report shall be submitted to Income Tax department, whereas there is no need to submit Cost audit report to Income Tax department unless otherwise specified. - While preparing Tax Audit Report CA. Should ascertain whether cost audit was carried out and details of any disqualification identified by Cost Auditor on any materials/items/quantity. - While doing financial audit CA. Has to comply with Accounting Standards AD, Standards on auditing SA, Guidance, notifications etc. Issued by ICAI and other statutory bodies as and when. Cost auditors has to comply with Cost accounting Standards (CAS) issued by the Institute of Cost Accountant of India. - If a person is qualified in both CMA and CA. He can't practice in both (he can practice in either CA or CMA). - Both the institute is governed by the separate statutory bodies set up under the parliamentary act. - Cost audit conducted u/s 148 of The Companies Act 2013 whereas financial audit conducts u/s 143. Listed above is only a few differences.

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The name ICWAI was renamed as ICAI (Institute of Cost Accountants O India). Let's see the difference: - CAs are mainly dealing with the audit of the financial statement. Tier duty is to form an opinion about the company he/she audit and give in his/her audit report. Whereas Cost Auditor deals with the audit of cost statement and he /she has to submit his /her report in Form CRA-3 within 180 days from closure of financial year to BOD and Form CRA-4 to Central Government. - The syllabus for CA and CMA are similar but not same. - The scope for CA is wider when compared to CMAs as CMAs are focused on costing only. U2013 Cost audit is not substituted for financial audit. It's an additional audit. Cost sheet data can be reconciled with financial data in order to ensure the reliability of the data. CA. Audit report shall be submitted to Income Tax department, whereas there is no need to submit Cost audit report to Income Tax department unless otherwise specified. - While preparing Tax Audit Report CA. Should ascertain whether cost audit was carried out and details of any disqualification identified by Cost Auditor on any materials/items/quantity. - While doing financial audit CA. Has to comply with Accounting Standards AD, Standards on auditing SA, Guidance, notifications etc. Issued by ICAI and other statutory bodies as and when. Cost auditors have to comply with Cost Accounting Standards (CAS) issued by the Institute of Cost Acc.

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The name ICWAI was renamed as ICAI (Institute of Cost Accountants O India). Lett's see the difference: - CA. are mainly dealing with the audit of the financial statement. Tier duty is to form an opinion about the company he/she audit and give in his/her audit report. Whereas Cost Auditor deals with the audit of cost statement and he /she has to submit his /her report in Form CRA-3 within 180 days from closure of financial year to BOD and Form CRA-4 to Central Government. - The syllabus for CA and CMA are similar but not same. - The scope for CA is wider when compared to CMAs as CMAs are focused on costing only. u2013 Cost audit is not substituted for financial audit. It's an additional audit. Cost sheet data can be reconciled with financial data in order to ensure the reliability of the data. CA. Audit report shall be submitted to Income Tax department, whereas there is no need to submit Cost audit report to Income Tax department unless otherwise specified. - While preparing Tax Audit Report CA. Should ascertain whether cost audit was carried out and details of any disqualification identified by Cost Auditor on any materials/items/quantity. - While doing financial audit CA. Has to comply with Accounting Standards AD, Standards on auditing SA, Guidance, notifications etc. Issued by ICAI and other statutory bodies as and when. Cost auditors have to comply with Cost Accounting Standards (CAS) issued by the Institute of Cost Accountant of India. - If a person is qualified in both CMA and CA. He can't practice in both (he can practice in either CA or CMA). - Both the institute is governed by the separate statutory bodies set up under the parliamentary act. - Cost audit conducted u/s 148 of The Companies Act 2013 whereas financial audit conducts u/s 143. Listed above are only a few differences.

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