Cost Audit

Determining costing in Service Industry

CA, CS, CMA - I. Introduction: Determining costing in a service industry is an essential concept since every service organization needs to ascertain its business overheads as service sector companies provide their customers with services or intangible products. Put simply, the term service costing or operational costing refers to the computation of the...

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How to determine costing in a manufacturing industry

CA, CS, CMA - Determining an appropriate costing of your product can make or break your business. Most business owners fail to understand the importance of costing which can actually help your business avoid running into troubles such as loss of profits, time mismanagement and over budgeting....

Read More

Cost Audit and Forms

CA, CS, CMA - Pursuant to section 148 of the Company Act 2013 read with Cost (Records and Audit) Rules 2014 for appointment of Cost auditor in the company: Every company specified in item (A) of rule 3 i.e, of Regulated sectors having  overall annual turnover of the company from all its products and services during the immediately preceding financial...

Read More

Cost Audit under The Companies Act 2013 & Rules

CA, CS, CMA - A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives. A cost audit comprises the following; -Verificatio...

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Extension of last date for filing Cost Audit for FY 2019-20

CA, CS, CMA - Relaxation of additional fees and extension of last date for filing Cost Audit Report (Form CRA-4) for the Financial Year 2019-20 under the Companies Act, 2013 (Act): Applicability of Cost Records: The class of Companies which must maintain cost records is specified in the Section 148 (1) of the Act. The category of companies is […...

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Advisory on Treatment of Various Items of Cost in view of COVID19

CA, CS, CMA - 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...

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MCA amended Companies (Cost Records and Audit) Amendment Rules

CA, CS, CMA - MCA amended Companies (Cost Records and Audit) Amendment Rules due to implementation of GST, other procedural changes and consequent revision of connected forms i.e. CRA-1 and CRA-3 Posted On: 02 DEC 2019 3:12PM by PIB Delhi The Ministry of Corporate Affairs (MCA) vide Notification No. G.S.R. 792 (E) dated 15.10.2019 has amended the Compa...

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Advisory to Practicing Members conducting Cost Audit

CA, CS, CMA - The Cost Audit Branch, Ministry of Corporate Affairs had issued an Exposure Draft for amendments to the Companies (Cost Records & Audit) Rules, 2014. However, due to certain technical issues, the new Taxonomy and the Validation Tool are yet to be made ready and as a result the MCA is yet to notify the changes that are required especially ...

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Advisory on Filing of Cost Audit Report for year 2017-18

CA, CS, CMA - The companies which produce products covered under excise even after July 1st, 2017 will continue to furnish the information in the same format provided by the Companies (Cost Records and Audit) Amendment Rules, 2017. The companies having their products or services covered under GST may follow the guidance provided in this advisory....

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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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Extension of Last Date of Filing Cost Audit Report for FY 2019-20

General Circular No. 29/2020 - (10/09/2020) - It has been decided that if cost audit report for the financial year 2019-20 by the cost auditor to the Board of Directors of the companies is submitted by 30th November, 2020...

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Last date of filing of CRA-4 (cost audit report) extended to 29.02.2020

General Circular No. 17/2019 - (30/12/2019) - General Circular No. 17/2019- Last date of filing of CRA-4 (cost audit report) for all eligible companies for the Financial Year 2018-19, without payment of additional fee, has been further extended till 29.02.2020. General Circular No. 17/2019 F.No. 52/50/CAB/2019 GOVERNMENT OF INDIA MINISTRY OF CO...

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Companies (cost records and audit) Amendment Rules, 2019

Notification No. G.S.R. 792(E). - (15/10/2019) - The companies who have already filed their Cost Audit Report in form CRA-4 for the financial year 2018-19 with the Central Government before the publication of this notification are not required to file their Cost Audit Report for the said financial year....

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Companies (cost records and audit) Amendment Rules, 2018

G.S.R.1157(E). - (03/12/2018) - MCA notifies Companies (cost records and audit) Amendment Rules, 2018 to further amend Companies (cost records and audit) Rules, 2014....

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GST details in Draft Companies (Cost Records and Audit) Amendment Rules, 2018

NA - (06/08/2018) - 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....

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Recent Posts in "Cost Audit"

Determining costing in Service Industry

I. Introduction: Determining costing in a service industry is an essential concept since every service organization needs to ascertain its business overheads as service sector companies provide their customers with services or intangible products. Put simply, the term service costing or operational costing refers to the computation of the...

Read More
Posted Under: CA, CS, CMA |

How to determine costing in a manufacturing industry

Determining an appropriate costing of your product can make or break your business. Most business owners fail to understand the importance of costing which can actually help your business avoid running into troubles such as loss of profits, time mismanagement and over budgeting....

Read More
Posted Under: CA, CS, CMA |

Advisory on Treatment of Various Items of Cost in view of COVID19

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...

Read More
Posted Under: CA, CS, CMA |

Cost Audit and Forms

Pursuant to section 148 of the Company Act 2013 read with Cost (Records and Audit) Rules 2014 for appointment of Cost auditor in the company: Every company specified in item (A) of rule 3 i.e, of Regulated sectors having  overall annual turnover of the company from all its products and services during the immediately preceding financial...

Read More
Posted Under: CA, CS, CMA |

Cost Audit under The Companies Act 2013 & Rules

A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives. A cost audit comprises the following; -Verificatio...

Read More
Posted Under: CA, CS, CMA |

Extension of last date for filing Cost Audit for FY 2019-20

Relaxation of additional fees and extension of last date for filing Cost Audit Report (Form CRA-4) for the Financial Year 2019-20 under the Companies Act, 2013 (Act): Applicability of Cost Records: The class of Companies which must maintain cost records is specified in the Section 148 (1) of the Act. The category of companies is […...

Read More
Posted Under: CA, CS, CMA |

Extension of Last Date of Filing Cost Audit Report for FY 2019-20

General Circular No. 29/2020 10/09/2020

It has been decided that if cost audit report for the financial year 2019-20 by the cost auditor to the Board of Directors of the companies is submitted by 30th November, 2020...

Read More

Last date of filing of CRA-4 (cost audit report) extended to 29.02.2020

General Circular No. 17/2019 30/12/2019

General Circular No. 17/2019- Last date of filing of CRA-4 (cost audit report) for all eligible companies for the Financial Year 2018-19, without payment of additional fee, has been further extended till 29.02.2020. General Circular No. 17/2019 F.No. 52/50/CAB/2019 GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS 5th Floor, ‘A̵...

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MCA amended Companies (Cost Records and Audit) Amendment Rules

MCA amended Companies (Cost Records and Audit) Amendment Rules due to implementation of GST, other procedural changes and consequent revision of connected forms i.e. CRA-1 and CRA-3 Posted On: 02 DEC 2019 3:12PM by PIB Delhi The Ministry of Corporate Affairs (MCA) vide Notification No. G.S.R. 792 (E) dated 15.10.2019 has amended the Compa...

Read More
Posted Under: CA, CS, CMA |

Companies (cost records and audit) Amendment Rules, 2019

Notification No. G.S.R. 792(E). 15/10/2019

The companies who have already filed their Cost Audit Report in form CRA-4 for the financial year 2018-19 with the Central Government before the publication of this notification are not required to file their Cost Audit Report for the said financial year....

Read More

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