The ICAI-CMA, formerly the Institute of Cost and Works Accountants of India, was established in 1944 as a registered company under the Companies Act, and is the only recognized statutory professional organization and licensing body in India specializing exclusively in Cost and Management Accountancy. The Cost and Works Accountants Act of 1959 grants regulatory authority and responsibilities to ICAI with respect to Cost and Management Accountants. Membership is required for individuals who wish to perform cost accountancy work in India. ICAI-CMA is required to (i) maintain and publish a register of persons qualified to practice as Cost and Management Accountants; (ii) issue certificates of practice; (iii) prescribe initial professional development and continuing professional development requirements for its members; (iv) establish ethical, professional and technical standards; (v) monitor the performance of its members; and (vi) investigate and discipline members for misconduct. Members of the ICAI-CMA are not allowed to conduct financial statement audits unless they are members of ICAI and possess a certificate of practice issued by ICAI. In addition to being an IFAC member, ICAI-CMA is also a member of Confederation of Asian and Pacific Accountants and the South Asian Federation of Accountants.