Understand Cost Audit applicability for 2024-25. Learn about non-compliance consequences and how to avoid show cause notices. Insights by CMA Navneet Kumar Jain.
Applicability of Cost Records and Cost Audit and Non-Compliance with various provisions with regard to Cost Records/Audit results in issue of Notices by MCA and advisory by ICMAI
Cost Records Maintenance under Section 148 of Companies Act gains traction. Learn about mandates, notices, and the importance of compliance for corporates.
Income Tax proposed cost accountants inventory valuation specific cases – Stock valuations by cost accountants to assess financial position for Income Tax proposed in Budget 2023-24.
Explore the significance of compliance with Cost Audit Standards and the Ministry of Corporate Affairs (MCA) review of Cost Audit Reports. Learn about the approved Cost Auditing Standards and the governments reliance on certified data submitted by professionals for effective policy-making. Understand the MCAs issuance of notices for the review of Cost Audit Reports and the importance of submitting reliable data. Stay informed about the government’s actions to ensure accurate and benchmarked costing data for policy-makers.
Discover the impact of non-appointment of cost auditors for 2017-18 and the notices issued. Understand the challenges faced by compliance officers and the consequences of non-compliance.
All of us have started experiencing the heat towards the compliance mechanisms being put up by the statutory/regulatory authorities. As the Cost Records and GST records both use the HSN codes for reporting purposes, leniency in the maintenance of cost records or missing out on getting the cost audit conducted can cost a lot to the organisations.
Get ready for scrutiny of GST returns for 2017-18 and 2018-19. CBIC issues instructions as CGST begins audits. Stay prepared for potential queries.
Budgets are announced by states and center to provide an idea as to from the money will come and where the money will go so far as government functioning is concerned. The budget is also an indicator with regard to the government’s vision as to where resources should be utilized for overall development of the […]
MCA has started identifying the companies who have not complied with the provisions with regard to the appointment of Cost Auditor due to ignorance or otherwise and have started issuing the notices like the one as is given below as preliminary Notices for year FY 2016-17.
