The latest government notification on cost audit rules has dealt a body blow to the cost and management accountants' profession by severely restricting its scope, something the professionals were trying hard to avoid for the past one year. What's worse is the fear that this will leave many professionals redundant has prompted the Institute's elected members to even consider a mass resignation. 

"The overall mood is to resign en masse and let the ministry of corporate affairs manage the institute," said Amit Apte, member of the Central Council of the Institute of Cost Accountants of India (ICAI), before heading to Delhi for an emergency meeting. "There was no consultation with ICAI when the ministry came out with the draft rules in November 2013. Since then, there were thousands of suggestions and presentations made to them, but they were disregarded. The final rules published on Monday are no different from the draft ones. We cannot continue to function under such circumstances," he said. Other council members ET spoke to reiterated the same sentiment. 

Suresh Chandra Mohanty, president of the ICAI, acknowledged that a number of members are planning to resign. "The institute has formally requested a meeting with the new minister of corporate affairs Arun Jaitley, possibly tonight, to apprise him of the issue. After that meeting, we will take a call on the ffurther course of ac tion," he told ET.