Audit notification

Practising CS can do Third Party Certification Audits in Haryana

Press Release No. PDPP&S/LL/2016/37 (09/09/2016)

Labour Department, Government of Haryana vide its Notification No. 11/38/2016-4Lab dated 10th August, 2016 formulated Third Party Certification/Audit Scheme for the factories, shops and commercial establishments in the State to liberalise the enforcement of labour laws...

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RBI issues revised guideline on Concurrent Audit System in Commercial Banks

RBI/2015-16/133 DBS.CO.ARS.No. BC. 2/08.91.021/2015-16 (16/07/2015)

As you are aware, guidelines on 'concurrent audit system in commercial banks' were issued by us vide our circular DOS.No.BC.16/08.91.021/96 dated August 14, 1996 setting out the scope and coverage of concurrent audit system in commercial banks....

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Submission of Long Form Audit Report (LFAR) by Concurrent Auditors

RBI/2014-15/626 DBS.CO.ARS.BC.8/08.91.001/2014-15 (02/06/2015)

You are advised that henceforth Concurrent Auditors, who are chartered accountants, of branches below the cut-off point will submit LFAR only to the Chairman of the bank. The banks in turn will consolidate/compile all such LFARs submitted by the Concurrent Auditors and submit to Statutory Central Auditor as an internal document of the ban...

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RBI Policy on eligibility, empanelment & selection of Statutory Auditors for 2014-15

/08.91.008/2014-15 (06/02/2015)

Department of Financial Services. Ministry of Finance. Government of India vide their letter NO'. F.No.1/14/2004-BOA dated November 25, 2014 has advised us that Government has decided that the work of selection and appointment of Statutory Central Auditors (SCAs) is delegated to individual Public Sector Banks (PSBs) for the year 2014-15 a...

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Cost Accounting Records & Cost Audit – Applicability & Compliance

General Circular No. 68/2011 (30/11/2011)

In connection with the recently issued circulars/notifications concerning cost accounting records and cost audit, following clarifications are issued: (a) That the companies covered under Companies (Cost Accounting Records) Rules, 2011 shall only file a simple compliance report as per the notified Form-B (copy enclosed) and no other det...

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Cost Accounting Records and Cost Audit – clarifications about coverage of certain sectors thereunder

General Circular No. 67/2011 (30/11/2011)

That the Companies (Cost Accounting Records) Rules, 2011 are not applicable to: (i) Wholesale or retail trading activities. (ii) Banking, financial, leasing, investment, insurance, education, healthcare, tourism, travel, hospitality, recreation, transport services, business/professional consultancy, IT & IT enabled services, resea...

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Master Circular No. 2/2011 on Cost Accounting Records and Cost Audit

Master Circular No. 2/2011 (11/11/2011)

Master Circular No. 2/2011 The specified number of companies for the purpose of section 233B (2) read with section 224 (1B) of the Companies Act, 1956 is to be computed for a given financial year with reference to the number of companies wherein he has been appointed as the cost auditor, including those wherein he is proposed to be appoi...

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Cost Audit Order for Bulk Drugs, Fertilizers, Sugar, Petro, Electricity, Telecom, Alcohol and Petroleum Industry

F. NO. 52/26/CAB-2010 (02/05/2011)

In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government,being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the following rules apply, and wherein, the aggregate value of net worth as on the last date of the imme...

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Cost Audit Order for Cement, Tyres, Tubes, Steel Tubes, Steel Pipes, Paper, Insecticides Industries

Notification No. F. NO. 52/26/CAB-2010 (05/05/2011)

In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the following rules apply, and wherein the aggregate value of the turnover made by the company from sal...

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Cost Audit Order for Bulk Drugs, Fertilizers, Sugar, Petroleum, Electricity, Telecom, Alcohol and Petroleum Industry

NA (02/05/2011)

F. NO. 52/26/CAB-2010; Cost Audit made Applicable for the companies in Bulk Drugs, Fertilizers, Sugar, Petroleum, Electricity, Telecom, Alcohol and Petroleum Industry if aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnove...

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