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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...
Read MoreCA, 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...
Read MoreCA, 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....
Read MoreCA, 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...
Read MoreCA, 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...
Read MoreCA, 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)...
Read MoreCA, 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....
Read MoreCA, 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....
Read MoreCA, 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...
Read MoreCA, 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...
Read MoreG.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...
Read MoreNotification 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...
Read MoreNotification 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...
Read MoreGeneral 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...
Read MoreNotification 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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F.No. 1/40/2013 - CL - V -
G.S.R. 695(E) - (14/07/2016) -
