Which of the following statements is/are correct with reference to the Institute of Cost Accountants of India (ICoAl)?

Which of the following statements is/are correct with reference to the Institute of Cost Accountants of India (ICoAl)?

A. It was established by the Cost and Works Accountants Act, 1959.

B. It is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost Accountancy.

C. Both A & B

D. None of these

Explanation:

Recently the Union Cabinet has approved the Memorandum of Understandings (MoUs) entered into by Institute of Cost Accountants of India (ICoAl) and Institute of Company Secretaries of India (ICSI) with various Foreign Countries/Organisations. The Institute of Cost Accountants of India (ICoAl) was established by a Special Act of Parliament, namely, the Cost and Works Accountants Act, 1959 as a statutory professional body for the regulation of the profession of Cost Accountancy. The Institute is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost Accountancy.