CA, CS, CMA : Ensure timely compliance with the 2023-24 Cost Audit timeline. Promptly report any deviations to the Ministry of Corporate Affairs...
CA, CS, CMA : Applicability of Cost Records and Cost Audit and Non-Compliance with various provisions with regard to Cost Records/Audit results ...
Company Law : Navigate the complexities of Cost Auditor appointments, remuneration, removal, and resignation under the Companies Act, 2013. Lear...
Company Law : The article provides an in-depth understanding of provisions related to maintenance of cost records and applicability of cost audi...
CA, CS, CMA : Explore the when, why, and how of appointing a cost auditor under the Companies Act. Learn about eligibility, procedure, and conse...
CA, CS, CMA : CAS-25 standardizes principles for inventory valuation, including cost components and NRV rules. It applies from 12 February 2026 ...
Corporate Law : The Competition Commission of India seeks public feedback on the draft Cost of Production Regulations 2025, replacing the 2009 rul...
CA, CS, CMA : The Institute of Cost Accountants of India releases an Exposure Draft on Cost Management in Healthcare Services. Public comments a...
CA, CS, CMA : Explore revised CAS-2 (2024) standard for capacity determination, issued by Institute of Cost Accountants of India, ensuring consi...
Income Tax : Learn how to prepare Inventory Valuation Reports under Section 142(2A) of the Income Tax Act, 1961 with our comprehensive Guidance...
Company Law : Pursuant to introduction of GST, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to incorporate resultant cha...
Company Law : As per provisions of the Cost Audit Report Rules that are in force from time-to-time, a cost auditor is required to comment on ...
Advisory on the Treatment of various items of Cost in light of Covid-19 pandemic & their Presentation / Disclosures in form CRA 3 of The Companies (Cost Records & Audit) Rules 2014 relating to the Accounting Period ending March 31, 2021
The fixed Overhead amount is constant per period; the cost per unit of production varies with the volume, this variation is inverse since with increase in production, Cost per unit decreases as the same amount of fixed overheads is spread over larger units of production. As Graphical representation given below- Example:- Case Output […]
CAS-4 (REVISED 2018) COST ACCOUNTING STANDARD ON COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES The following is the Cost Accounting Standard (CAS-4) (Revised 2018) on “COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES” issued by the Council of the Institute of Cost Accountants of […]
Introduction The purpose of this Guidance Note on Compilation Engagements by a Cost Accountant is to provide guidance on the cost accountant’s professional responsibilities to compile cost statements and the form and content of the report, the cost accountant issues in connection with such compilation engagement. Objective of Compilation Engagement (i) The objective of a […]
Pursuant to introduction of GST, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to incorporate resultant changes. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2018 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments.
Product cost – Expenses attributable to a particular product is Product Cost. Product costing is part of controlling module in SAP. Pre-requisites 1. Material Masters of RM, SFG, FG 2. Bill of Materials, Routing, Master Recipe 3. Work centers / Resources or equipment ID’s\ 4. Activity Types 5. Configuration – WIP, Variance, and Settlement 6. […]
Introduction Hospital organizations have been facing difficulties and challenges in balancing limited resources and costs to provide their demand for services. Medical research has the effect in introduction of modern medical techniques and medicines, which usually causes the increase of consumed costs. Increasing costs of healthcare systems have the growing demands on the public budgets, and also the patient’s expenditures. Many countries start to seek the alternative sources of financing of healthcare systems, because the traditional systems of healthcare insurances are no more sufficient for covering of expansive healthcare services costs.
Presentation on Standard on Cost Auditing Knowledge of Business, its processes and the Business Envirnment (SCA 104)- An auditor needs to understand the clients business before audit of cost statements. [Current Business scenario, Nature of Business, Product Portfolio, Raw Material Prices Global impact etc., whether it is part of any regulatory scam]
Presentation on Standard on Cost Auditing- Overall Objectives of the Independent Cost Auditor and the Conduct of an Audit in Accordance with Cost Auditing Standards (SCA 103)
Presentation on Standard on Cost Auditing Cost Audit Documentation (SCA 102)- Documentation is necessary to have proper evidence that the audit was planned and performed in accordance with SCAs and applicable legal & regulatory requirements. Cost auditor should document all matters, important in providing evidence to support the opinion given in the cost audit report. Documentation means the working papers prepared by and for, or obtained and retained by the cost auditor in connection with cost audit on paper, film, electronic or other media.
