Central Council of Cost Accountants of India resigns

The row over the Cost Audit Rules introduced under the Companies Act has reached a flash point as the entire central council of the Institute of Cost Accountants of India (ICAI) submitted its resignation to Finance Minister Arun Jaitley, who also has the charge of the corporate affairs ministry. Amid concerns raised by cost accountants over provisions in the new Cost Records and Audit Rules, the government set up an expert committee to look into this matter.