CMA Rakesh Singh, Fellow Member of the Institute of Cost Accountants of India has been appointed by the CAPA Board as member of the Governance and Audit Committee (GAC).
CMA Rakesh Singh is Co- Chairman, UP Chapter, ASSOCHAM besides being President of the Institute of Cost Accountants of India (2012-13) and Technical Advisor to Confederation of Asia and Pacific Accountants (CAPA). CMA Singh, by profession, is a practicing Cost Accountant and Partner in M/s Shome & Banerjee. He served as the Chairman of the Cost Accounting Standards Board of Institute for the period 2011-12 & 2013-14. During his chairmanship, he played a premier role in completing and bringing out the “Generally Accepted Cost Accounting Principles” (GACAP), a first of its kind compilation by any CMA body in the world besides finalizing many Cost Accounting Standards and a number of Guidance Notes. He is currently nominated to Cost Auditing standards Board. He has been nominee on Government Accounting Standards Board (GASAB), Nominee on the Board of International Federation of Accountants (IFAC), South Asian Federation of Accountants and National Foundation for Corporate Governance (NFCG).
The Institute of Cost Accountants of India
The Institute of Cost Accountants of India, established under an Act of Parliament in 1959, is a premier national institute engaged in development and regulation of the profession of Cost and Management Accounting in India. The Institute has its headquarters at Kolkata with certain Directorates at New Delhi, four regional offices, 96 Chapters and 9 overseas centers. The Institute has a strong base of about 69000 members and 475000 students. The Institute of Cost Accountants of India is the only recognized statutory professional organization and licensing body in India specializing exclusively in Cost and Management Accountancy. The CMA profession places itself at the service of the nation, government, industry, and the society to realize the objectives of a welfare state resulting in the prosperity and the wellbeing of its people - a fact increasingly realized with the opening up of the country's economy and change in the economic scenario of the world. Institute is a founder member of International Federation of Accountants (IFAC), Confederation of Asian and pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA).
Confederation of Asian and pacific Accountants (CAPA)
The Confederation of Asian and Pacific Accountants, (CAPA), represents national professional accounting organisations in the Asia-Pacific region. CAPA has a membership of 32 accounting organisations in 23 jurisdictions. CAPA is by far the largest regional accounting organisation and its geographical area spans half the globe. CAPA's mission is to provide leadership in the development, enhancement, and coordination of the accountancy profession in the Asia-Pacific region to enable the profession to provide services of consistently high quality in the public interest. CAPA also aims to enhance the accountancy standards and development of the profession by promoting harmonisation through the adoption of international accounting standards.
The Governance & Audit Committee (GAC) of CAPA
The Governance & Audit Committee (GAC) was formed by the Board to review and provide recommendations to the Board and Members on matters related to finance, audit and governance, consistent with the organisation's policies and procedures. The Governance & Audit Committee comprises of three persons appointed from amongst the Board with the exception of the Chair of the committee, which is appointed from a full Member not the Board. Members normally serve the period between one Assembly to the next (a 4-year term).