Budget 2009 – Chartered Accountants happily enter into an area that was the exclusive domain of Cost Accountants
The Cost Accountants are deeply aggrieved by the Budget 2009 which has allowed CAs to enter an arena which was their exclusive turf.
As per Section 14A and 14AA of the Central Excise Act, the Department can order a Valuation or CENVAT Audit of the manufacturer by a Cost Accountant. Now the Finance Bill proposes that this audit can be done by a Chartered Accountant also. What had been an exclusive domain of the Cost Accountant has now been opened to the Chartered Accountant also. Apparently the Cost Accountants are very unhappy. “When Chartered Accountants have a huge playing field, why should they be allowed to enter the small exclusive domain of the cost accountants?” is what many a Cost Accountant is asking.
Though the Cost Accountants are deeply aggrieved, the fact is that now the Department is rarely resorting to Audit under Section 14A or 14AA.