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ICWAI organized award presentation ceremony for Excellence in Cost Management-2009

Friday, July 09, 2010
 

The Institute of Cost and Works Accountants of India (ICWAI) organized award presentation ceremony of the ICWAI 7th National Award for Excellence in Cost Management-2009 today at Scope Auditorium at New Delhi.   BHEL bagged 7 awards in different Categories while LG Electronics won the First Award in Private Manufacturing (Large) category.   Salman Khurshid, Minister of State for Corporate Affairs, Government of India, gave the awards to the Awardees. R .Bandyopadhyay, Secretary to the Government of India, Ministry of Corporate Affairs also graced the occasion as Guest of Honour.

Khurshid congratulated the ICWAI for its continuous voyage towards Recognition of Excellence in Cost Management for adoption of Cost Management tools and techniques by industries in corporate sector. He said that the Good Corporate Governance go hand in hand with the Good Cost Management practices and wished the corporate sector would adopt time-tested Cost Management techniques to their benefit towards good Corporate Governance in the interest of the stakeholders.

He said that the participation of Indian Industry in ICWAI National Award for Excellence in Cost Management indicates positive efforts by the industry towards cost management.

R Bandyopadhyay, Secretary, Ministry of Corporate Affairs congratulated all the Awardees for adopting such Cost Management tools and techniques that have brought them Recognition of Excellence in Cost Management. He said that it is an example for other industries and the corporate sector should adopt cost management and cost accountancy practices towards Good Corporate Governance and Corporate Social Responsibility.

Bandyopadhyay applauded the Institute of Cost and Works Accountants of India (ICWAI) for its decades of services as educator, regulator, standards setter and facilitator for the Cost and Management Accountancy profession by giving valuable services to the Corporate World and the Society at large.   He said that Cost Accountants have played a very significant role in Corporate Sector and in the years to come, the profession of Cost and Management Accountancy is to accomplish even more important role.

GN Venkataraman, President ICWAI, expressed his views on the future growth of the profession and underlined the important role that cost and management accountants are serving as professionals to the industry and the corporate sector. He said that the Institute of Cost and Works Accountants of India (ICWAI) has instituted ICWAI National Award for Excellence in Cost Management in the year 2003 to recognize the qualitative cost management practices affirmed by the industry towards operational efficiency. These Awards have successfully propagated the potentials of the tools and techniques of Cost and Management Accountancy in the challenging global economic environment after the Great Meltdown.

He said that these awards have synergised the entrepreneurial abilities of the industry with the intellectual prowess of our professionals to result in Cost Management Excellence so that the performance of participating companies have tremendously improved over the years. It was not a surprise that due to this, it became a gigantic task for the Screening Committee and the Jury to select the best among them.
He thanked all the participants for their enthusiastic participation year after year and congratulated those who happen to be successful as Awardees.

On this occasion, ICWAI also organized a seminar on “Cost Audit under New Mechanism & Cost Accounting Standards” for the benefit of CMA professionals.
    

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