Cost Audit

Demystifying Cost Audits: A Comprehensive FAQ Guide for Businesses & Professionals

Company Law - Unlock secrets of cost audits with our comprehensive FAQ guide. Learn about selection, remuneration, applicability, and more. Stay compliant and informed....

Cost Records Maintenance- Applicability Criteria & How to maintain records

Company Law - Explore the essentials of Cost Records Maintenance as per Companies Act. Learn criteria, exemptions, formats, and importance of compliance....

Received Notice for Cost Audit? Check what could be the reasons & what to do

Company Law - Recently number of Companies are receiving the Notice for Non-Appointment of Cost Auditor or Non submission of Cost Audit Reports for FY 2016-17, 2017-18 & onwards. As we are aware Cost Audit is mandatory after crossing threshold turnover limit of 50 Cr for regulated Industries & 100 Cr for Non-regulated Industries under section 1...

Applicability of Cost Audit & Maintenance of Cost Records in Construction Industry

Company Law - Construction Industry – Applicability of Cost Audit & Maintenance of Cost Records First of all anyone has to check whether the Cost Audit or maintenance of cost records are /were applicable on the industry or not. So to check we have to go through these condition which are given below:- The Central Government issued Amended [&hellip...

Applicability of Cost Records as per Companies Act, 2013

Company Law - Article, discuss applicability of cost records under Indian law, legal provisions governing them, and procedures for maintaining them in compliance with latest amended rules and laws....

Exposure Draft of the Revised Standards on Cost Auditing (SCAs)

Company Law - CAASB Request for Comments on Exposure Draft of the Revised Standards on Cost Auditing (SCAs) Second Proviso to Section 148(3) of the Companies Act, 2013 states that the auditor conducting cost audit shall comply with the cost auditing standards. As per ‘Explanation’ below this proviso, the expression ‘cost auditing sta...

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...

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...

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 ...

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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Guidelines for Mandatory Communication to Preceding Cost Auditor

Notification No. Ref:G/128/05/2023 - (26/05/2023) - A detailed guide from Institute of Cost Accountants of India about mandatory communication regulations for Cost Accountants. Understand format and implications of non-compliance....

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....

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...

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...

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....

Recent Posts in "Cost Audit"

Demystifying Cost Audits: A Comprehensive FAQ Guide for Businesses & Professionals

Unlock secrets of cost audits with our comprehensive FAQ guide. Learn about selection, remuneration, applicability, and more. Stay compliant and informed....

Posted Under: Company Law |

Cost Records Maintenance- Applicability Criteria & How to maintain records

Explore the essentials of Cost Records Maintenance as per Companies Act. Learn criteria, exemptions, formats, and importance of compliance....

Posted Under: Company Law |

Received Notice for Cost Audit? Check what could be the reasons & what to do

Recently number of Companies are receiving the Notice for Non-Appointment of Cost Auditor or Non submission of Cost Audit Reports for FY 2016-17, 2017-18 & onwards. As we are aware Cost Audit is mandatory after crossing threshold turnover limit of 50 Cr for regulated Industries & 100 Cr for Non-regulated Industries under section 1...

Posted Under: Company Law |

Guidelines for Mandatory Communication to Preceding Cost Auditor

Notification No. Ref:G/128/05/2023 26/05/2023

A detailed guide from Institute of Cost Accountants of India about mandatory communication regulations for Cost Accountants. Understand format and implications of non-compliance....

Applicability of Cost Audit & Maintenance of Cost Records in Construction Industry

Construction Industry – Applicability of Cost Audit & Maintenance of Cost Records First of all anyone has to check whether the Cost Audit or maintenance of cost records are /were applicable on the industry or not. So to check we have to go through these condition which are given below:- The Central Government issued Amended [&hellip...

Posted Under: Company Law |

Applicability of Cost Records as per Companies Act, 2013

Article, discuss applicability of cost records under Indian law, legal provisions governing them, and procedures for maintaining them in compliance with latest amended rules and laws....

Posted Under: Company Law |

Role of Cost Accountant in inventory valuation under Income Tax

What is Inventory valuation? What is the Role of Cost Accountant in inventory valuation under Income Tax? Inventory valuation refers to the process of assigning a monetary value to the goods or products that a business holds in its inventory at a specific point in time. It is an important accounting practice that allows businesses [&helli...

Posted Under: Company Law |

How Digital Technology can Transform Cost Management

The profession of cost management and cost professional needs sea change to keep the current state of the global economy. Running a business in uncertain economic times has now become routine. Covid, the Ukraine-Russia war, fluctuating inflations, political uncertainty, rising interest rates and liquidity crunch from the backend have led ...

Posted Under: Company Law |

MCA notice for non-compliance of provision related to Cost records & Solution

What is the solution if directors received a notice from MCA regarding non-compliance of Cost records maintained by Company under Section 148 of Companies Act 2013 and their penal provisions if reply is not submitted by directors within the time limit If the directors of a company have received a notice from the Ministry of […]...

Posted Under: Company Law |

Cost Records Maintenance under Section 148 of Companies Act gets Momentum

Government of India mandated the maintenance of Cost Record in the corporate sector to ensure that our corporates remain cost competitive and get the advantage of the timely review of the costing and profitability of each of the product being manufactured. Preparing profitability of each of the product is a tedious task and the operationa...

Posted Under: Company Law |

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