Cost Audit

GST and SCNs issued by MCA for non compliance with Cost Audit Provisions

CA, CS, CMA - Show Cause Notices (SCNs) issued by MCA for non compliance with the Cost Audit Provisions: Is it a beginning to ensure collection of authenticated data at HSN code level for GST...

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Comparison of Companies Cost records & audit Rules, 2016 with 2014 Rules

CA, CS, CMA - Comparative Statement showing Original Rules 2014 i.e. Companies (cost records and audit) Rules,2014 vis-a-vis Amendment Rules 2016 i.e. Companies (cost records and audit) Amendment Rules, 2016 – issued on 14th July 2016 Notes: All additions are shown in red and deletions are shown in blue. Entire Rules are not given; only changes h...

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Appointment of Cost Auditor in a Company

CA, CS, CMA - Who can be a Cost Auditor? According to section 148(3) of Companies Act 2013, cost audit shall be conducted by Cost Accountant in Practice who shall be appointed by the Board on such remuneration as determined by the members in such a manner as may be prescribed....

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Reporting Under Cost Audit aligned with Eight Digit Central Excise Tariff Code for Manufacturing Sector From 2014-15

CA, CS, CMA - India is a country which introduced the concept of Cost Audits for the corporates. Till 2011, the cost audit report formats were never aligned with any of other statutory documents primarily. Now after realizing the need for the availability of production, capacity and costing data for policy decision making, in 2011 MCA brought in the co...

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3 steps to becoming a Super Hero at Decision Making!

CA, CS, CMA - . Trust your inner voice (your guts) This might sound cliché and you might give me an Oh Come On! Expression, but I request you to pause for a second, delve into your past, and experience the decision making process you undertook. Was it pure logic? Was it based on data? Was it influenced by relationship or the rapport with the person? W...

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Meghalaya Energy Corporation Ltd invites EOI for empanelment of Cost Auditors

CA, CS, CMA - Meghalaya Energy Corporation Limited (MeECL) invites Expression of Interest from the Cost Audit firms having Registered Office/Branch Office located in Eastern Region of India for empanelment as Cost Auditors of its three subsidiaries viz., Meghalaya Power Generation Corporation Ltd (MePGCL)...

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Summary of changes as per Draft Companies (Cost Records and Audit) Amendment Rules, 2017

CA, CS, CMA - Pursuant to implementation of IndAS, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to bring parity between financial records and cost records. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2017 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments....

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Draft Companies (cost records and audit) Amendment Rules, 2017

CA, CS, CMA - 1. Material Costs-(a) Proper records shall be maintained showing separately all receipts, issues and balances both in quantities and cost of each item of raw material required for the production of goods or rendering of services under reference....

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Notices for non-compliance with Section 148 / 233B of Companies Act, 2013- Reg.

CA, CS, CMA - Few Hon'ble Members of the Institute informed that they and their client companies have received letters/notices from the Courts and/or from the Cost Audit Branch or Registrar of Companies, Ministry of Corporate Affairs. These relate to purported non‐compliance with the provisions of Section 148 of the Companies Act, 2013...

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CAASB Invites Suggestion on Draft Guidance Note SCA 101

CA, CS, CMA - CAASB in its 32nd meeting held on March 21, 2017 considered draft Practical Guide to Standard on Cost Auditing (SCA) 101 - Planning an Audit of Cost Statements...

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Companies (cost records and audit) Amendment Rules, 2016

G.S.R. 695(E) - (14/07/2016) - Cost audit report means the duly signed cost auditor’s report on the cost records examined and cost statements which are prepared as per these rules, including attachment, annexure, qualifications or observations attached with or included in such report...

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Companies (Cost Records and Audit) Amendment Rules, 2015

Notification No. G.S.R. 486(E) - (12/06/2015) - G.S.R. 486(E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section 148 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (cost records and audit) Rules, 2014...

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MCA issues amended Companies (Cost Records and Audit) Rules 2014

Notification No. G.S.R. 01(E) - (31/12/2014) - Telecommunication services made available to users by means of any transmission or reception of signs, signals, writing, images and sounds or intelligence of any nature (other than broadcasting services) and regulated by the Telecom Regulatory Authority of India under the Telecom Regulatory Authorit...

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MCA extends due date of Filing Form CRA-2 to 31st January, 2015

General Circular No. 42/2014 - (12/11/2014) - General Circular No. 42/2014 has been notified by MCA on November 12, 2014 in relation to matters relating to the Companies (Cost Records and Audit) Rules, 2014. Due to delay in availability of Form CRA-2 on MCA website, the date of filing of the said form without late penalty/fee has been extended...

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Companies (Cost Records and Audit) Rules, 2014

Notification No. G.S.R. 425(E) - (30/06/2014) - These records shall also indicate the basis followed for arriving at the rates charged or paid for such goods or services so as to enable determination of the reasonableness of such rates in so far as they are in any way related to goods/services under reference....

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Recent Posts in "Cost Audit"

Meghalaya Energy Corporation Ltd invites EOI for empanelment of Cost Auditors

Meghalaya Energy Corporation Limited (MeECL) invites Expression of Interest from the Cost Audit firms having Registered Office/Branch Office located in Eastern Region of India for empanelment as Cost Auditors of its three subsidiaries viz., Meghalaya Power Generation Corporation Ltd (MePGCL)...

Read More
Posted Under: CA, CS, CMA |

Summary of changes as per Draft Companies (Cost Records and Audit) Amendment Rules, 2017

Pursuant to implementation of IndAS, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to bring parity between financial records and cost records. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2017 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments....

Read More
Posted Under: CA, CS, CMA |

Draft Companies (cost records and audit) Amendment Rules, 2017

F.No. 1/40/2013 - CL - V

1. Material Costs-(a) Proper records shall be maintained showing separately all receipts, issues and balances both in quantities and cost of each item of raw material required for the production of goods or rendering of services under reference....

Read More
Posted Under: CA, CS, CMA |

Notices for non-compliance with Section 148 / 233B of Companies Act, 2013- Reg.

Few Hon'ble Members of the Institute informed that they and their client companies have received letters/notices from the Courts and/or from the Cost Audit Branch or Registrar of Companies, Ministry of Corporate Affairs. These relate to purported non‐compliance with the provisions of Section 148 of the Companies Act, 2013...

Read More
Posted Under: CA, CS, CMA |

CAASB Invites Suggestion on Draft Guidance Note SCA 101

CAASB in its 32nd meeting held on March 21, 2017 considered draft Practical Guide to Standard on Cost Auditing (SCA) 101 - Planning an Audit of Cost Statements...

Read More
Posted Under: CA, CS, CMA |

GST and SCNs issued by MCA for non compliance with Cost Audit Provisions

Show Cause Notices (SCNs) issued by MCA for non compliance with the Cost Audit Provisions: Is it a beginning to ensure collection of authenticated data at HSN code level for GST...

Read More
Posted Under: CA, CS, CMA |

MCA releases Revised Form 23C, Form 23D, Form I-XBRL & Form A-XBRL

The Ministry of Corporate Affairs has released the new forms relevant to Costing Rules prior to Companies (Cost Records and Audit) Rules 2014: FORM 23C [Pursuant to section 233B(2) of Companies Act, 1956]: Form of application to the Central Government for appointment of cost auditor FORM 23D [Pursuant to section 233B(2) of Companies Act, ...

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Posted Under: CA, CS, CMA |

Comparison of Companies Cost records & audit Rules, 2016 with 2014 Rules

Comparative Statement showing Original Rules 2014 i.e. Companies (cost records and audit) Rules,2014 vis-a-vis Amendment Rules 2016 i.e. Companies (cost records and audit) Amendment Rules, 2016 – issued on 14th July 2016 Notes: All additions are shown in red and deletions are shown in blue. Entire Rules are not given; only changes h...

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Posted Under: CA, CS, CMA |

Companies (cost records and audit) Amendment Rules, 2016

G.S.R. 695(E) (14/07/2016)

Cost audit report means the duly signed cost auditor’s report on the cost records examined and cost statements which are prepared as per these rules, including attachment, annexure, qualifications or observations attached with or included in such report...

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Criterion for selection of Cost Auditors in PSUs

The Institute submitted a representation on the subject ‘Criterion for selection of Cost Auditors in PSUs’ to the Director General, SCOPE with copies marked to Chief Vigilance Commissioner, Secretary-MCA and Department of Public Enterprises and subsequently held a meeting of President with the DG-SCOPE, SCOPE on the matter....

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Posted Under: CA, CS, CMA |
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