The amendment introduces strict personal liability for senior management in maintaining cost records. It ensures accountability by imposing penalties for non-compliance, especially in listed companies. The move strengthens governance and data accuracy.
Inventory Valuation under the Income-tax Act, 2025: A Critical Area for Financial, Tax, and Cost Auditors – Analytical Study of Sections 268(5) and 277, Rule 171(2), Form 101 and the Interplay with Form 26
MCA has intensified scrutiny of Cost Audit filings and is issuing notices (currently for FY 2020–21) under Section 148(7) of the Companies Act, 2013, seeking further information and explanations to verify the correctness of cost records and Cost Audit Reports filed in XBRL Form CRA-4.
MCA issues notices for non-filing or delayed filing of cost audit reports under Section 148 of the Companies Act. Learn about penalties and response strategies.
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.
