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What is the full form of ICWAI and ICWA?

By Anushree Goswami Last updated : April 20, 2024

What is the full form of ICWAI?

ICWAI is an abbreviation of the Institute of Cost and Works Accountants of India. It is at present time called Institutes of Cost Accountants of India (ICMAI). The institute is a qualified and accredits body which also controls the cost and management accountancy profession in India. The main purpose of this professional accountancy body is to control, support, encourage and develop the profession of cost and management accountancy in India by offering guidance through coaching and preparation through training in the field of cost and management accountancy.

On May 28, 1959, it was founded, under the Cost and Works Accountant Act, 1959. Its head office is situated in Kolkata and its regional offices are situated in New Delhi, Chennai and Mumbai in India.

Image source: https://en.wikipedia.org/wiki/Institute_of_Cost_Accountants_of_India

ICWAI Criteria

• A student can become a Cost Accountant after the completion of the course, ICWA.
• Cost Accountant is fundamentally a cost auditor who audits the cost sheets.
• Cost Accountants are an enormous demand in the government sector and a variety of private sectors such as pharmaceutical, banking, finance, and education.
• A C.A can also operate independently as cost accountants or as a firm in a joint venture with other cost accountants.

What is the full form of ICWA?

ICWA is an abbreviation of the Indian Child Welfare Act. It is a Federal Law for the wellbeing and benefits interest of American Indian Children. The law administers the jurisdiction over the elimination of Native American Indian children from their families in custody, foster care, and adoption cases.

In 1978, the act was passed by the U.S. Congress to establish principles for the elimination and placement of American Indian children in foster and adoptive homes.

Image source: https://www.srmt-nsn.gov/indian_child_welfare_act_icwa

Need of ICWA

• The need for the act came when in American history a large number of American Indian and Alaska Native Children were eliminated from their families and placed in non-native foster and adoptive homes.
• It is assumed that around 30 percent of the native children were eliminated from their families by the public and private agencies. This made them separated from their culture and identities.
• In 1978, all this inadequately affected the lives of tribal people and this led to the enforcement of the Indian Child Welfare Act (ICWA).
• The Act establishes the minimum federal necessities for the elimination of American Indian children from their families.