Cost Audit

Discussion on Notice from Cost Audit Department

Company Law - In this editorial, author shall discuss the provision, applicability of Cost Audit and Cost Auditor on Companies along with reason of issuance of Notice from Cost Department. Applicability of Cost Records: As per Rule 3, The class of companies, including foreign companies, engaged in the production of the goods or providing services, spec...

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How to determine Cost Audit & Cost Records Maintenance applicability for reporting in Director’s Report & CARO

Company Law - All of us have started experiencing the heat towards the compliance mechanisms being put up by the statutory/regulatory authorities. As the Cost Records and GST records both use the HSN codes for reporting purposes, leniency in the maintenance of cost records or missing out on getting the cost audit conducted can cost a lot to the organis...

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FAQs on Maintenance of Cost Records and Audit thereof 

Company Law - Companies (Cost Records and Audit) Rules, 2014 will be applicable in this case, subject to it meeting with the prescribed turnover threshold. However, if the company is engaged only in development of the software and not providing online education services, then it will not be covered under the said rules....

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Form 23C Application to Central Government for appointment of cost auditor

Company Law - FILLING OF EFORM 23C – Form of application to the Central Government for appointment of cost auditor Attachments required with EFORM 23C ♦ Copy of the Board resolution of the company sanctioning the proposal for which the government approval has been sought is a mandatory attachment. ♦ Copy of the certificate obtained from cost ...

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Preliminary Notice for non-compliance u/s 148 of Companies Act, 2013 – Non- Appointment of Cost Auditor for FY 2016-17

Company Law - MCA has started identifying the companies who have not complied with the provisions with regard to the appointment of Cost Auditor due to ignorance or otherwise and have started issuing the notices like the one as is given below as preliminary Notices for year FY 2016-17....

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

Company Law - 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

Company Law - 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

Company Law - 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

Company Law - 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

Company Law - 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 of Cost Audit Report to Board of Directors

General Circular No.15/2021 - (27/09/2021) - Representations have been received from various stakeholders for extension of last date of filing of Cost Audit Report to the Board of Directors under Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014 due to impact of COVID-19 pandemic....

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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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Recent Posts in "Cost Audit"

Discussion on Notice from Cost Audit Department

In this editorial, author shall discuss the provision, applicability of Cost Audit and Cost Auditor on Companies along with reason of issuance of Notice from Cost Department. Applicability of Cost Records: As per Rule 3, The class of companies, including foreign companies, engaged in the production of the goods or providing services, spec...

Read More
Posted Under: Company Law |

How to determine Cost Audit & Cost Records Maintenance applicability for reporting in Director’s Report & CARO

All of us have started experiencing the heat towards the compliance mechanisms being put up by the statutory/regulatory authorities. As the Cost Records and GST records both use the HSN codes for reporting purposes, leniency in the maintenance of cost records or missing out on getting the cost audit conducted can cost a lot to the organis...

Read More
Posted Under: Company Law |

FAQs on Maintenance of Cost Records and Audit thereof 

Companies (Cost Records and Audit) Rules, 2014 will be applicable in this case, subject to it meeting with the prescribed turnover threshold. However, if the company is engaged only in development of the software and not providing online education services, then it will not be covered under the said rules....

Read More
Posted Under: Company Law |

Form 23C Application to Central Government for appointment of cost auditor

FILLING OF EFORM 23C – Form of application to the Central Government for appointment of cost auditor Attachments required with EFORM 23C ♦ Copy of the Board resolution of the company sanctioning the proposal for which the government approval has been sought is a mandatory attachment. ♦ Copy of the certificate obtained from cost ...

Read More
Posted Under: Company Law |

Preliminary Notice for non-compliance u/s 148 of Companies Act, 2013 – Non- Appointment of Cost Auditor for FY 2016-17

MCA has started identifying the companies who have not complied with the provisions with regard to the appointment of Cost Auditor due to ignorance or otherwise and have started issuing the notices like the one as is given below as preliminary Notices for year FY 2016-17....

Read More
Posted Under: Company Law |

Extension of last date of filing Cost Audit Report for F.Y. 2020-21

Extension of last date of filing Cost Audit Report by MCA vide General Circular No. 15/2021 Dtd. 27th September, 2021 The MCA vide its General Circular dtd. 27th September, 2021, has extended the last date of filing Cost Audit Report (CAR) to the Board of Directors under rule 6(5) of the Companies (Cost Records and Audit) […]...

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Posted Under: Company Law |

Extension of last date of filing of Cost Audit Report to Board of Directors

General Circular No.15/2021 27/09/2021

Representations have been received from various stakeholders for extension of last date of filing of Cost Audit Report to the Board of Directors under Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014 due to impact of COVID-19 pandemic....

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GST Era & Cost Records & Cost Audit Applicability on the basis of HSN

All About Cost Audit Applicability and its disclosures in other statutory documents The pandemic has again brought the focus on the importance of cost management of resources in the most effective and most efficient manner. The government of India had already mandated the maintenance of Cost Records and Cost audits under Companies Act 201...

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Posted Under: Company Law |

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...

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Posted Under: Company Law |

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....

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Posted Under: Company Law |

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