Which service regulates cost and management accounting practices in India?

The Indian Cost and Management Accounts Service plays a crucial role in regulating cost and management accounting practices in India. This service is specifically established to promote and maintain professional standards in cost and management accounting within the country. Its primary focus is on ensuring that organizations adhere to the prescribed accounting standards, guidelines, and best practices which are vital for accurate financial reporting and decision-making.

The service is tasked with formulating policies, implementing cost control measures, and providing consultancy and advisory services to various sectors, ensuring the effectiveness and efficiency of cost management. This regulation is important for enhancing transparency and accountability in financial dealings, which ultimately contributes to better governance and economic stability.

In contrast, the other services listed do not have a mandate related to cost and management accounting. The Indian Civil Accounts Service is responsible for the accounting functions of the civil ministries, the Indian Revenue Service deals with tax collection and revenue administration, while the Indian Audit and Accounts Service focuses primarily on auditing government accounts. Thus, only the Indian Cost and Management Accounts Service directly addresses the regulation of cost and management accounting practices in the country.