Cost Audit

GST data & Cost Records/ Cost Audit Annexures to be maintained

Goods and Services Tax - MCA has issued one notification issued on 20th Dec 2017 which is going to pave the way for alignment of Cost Records with GST records after the implementation of GST. ...

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Analysis of Companies (cost records and audit) Amendment Rules, 2017

Goods and Services Tax - The Ministry of Corporate Affairs, Government of India vide its communication dated August 11,2017 had requested suggestions/comments on the proposed changes in respect of above rules, last issued titled Companies (cost records and audit) Amendment Rules, 2014 Though the last date of submission of suggestions has already lapsed, the write...

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

Goods and Services Tax - 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

Goods and Services Tax - 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

Goods and Services Tax - 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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Meghalaya Energy Corporation Ltd invites EOI for empanelment of Cost Auditors

Goods and Services Tax - 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

Goods and Services Tax - 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

Goods and Services Tax - 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.

Goods and Services Tax - 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

Goods and Services Tax - 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, 2017

G.S.R. 1498(E) - (07/12/2017) - In the principal rules, in the Annexure, for Form CRA-1 and Form CRA-3, the following Forms shall respectively be substituted and shall be deemed to have been substituted with effect from the 1St day of April, 2016, namely:-...

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Revised Master Circular on Cost Accounting Records and Cost Audit

Master Circular No. 2/2011 - (11/11/2017) - As per provisions of the Cost Audit Report Rules that are in force from time-to­-time, a cost auditor is required to comment on the scope and performance of internal audit of cost records. Hence it would tend to mitigate against the proper and dispassionate discharge of his duties if he was also t...

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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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Recent Posts in "Cost Audit"

GST data & Cost Records/ Cost Audit Annexures to be maintained

MCA has issued one notification issued on 20th Dec 2017 which is going to pave the way for alignment of Cost Records with GST records after the implementation of GST. ...

Read More
Posted Under: Company Law |

Companies (Cost Records and Audit) Amendment Rules, 2017

G.S.R. 1498(E) (07/12/2017)

In the principal rules, in the Annexure, for Form CRA-1 and Form CRA-3, the following Forms shall respectively be substituted and shall be deemed to have been substituted with effect from the 1St day of April, 2016, namely:-...

Read More

Revised Master Circular on Cost Accounting Records and Cost Audit

Master Circular No. 2/2011 (11/11/2017)

As per provisions of the Cost Audit Report Rules that are in force from time-to­-time, a cost auditor is required to comment on the scope and performance of internal audit of cost records. Hence it would tend to mitigate against the proper and dispassionate discharge of his duties if he was also the internal auditor of the company for t...

Read More

Analysis of Companies (cost records and audit) Amendment Rules, 2017

The Ministry of Corporate Affairs, Government of India vide its communication dated August 11,2017 had requested suggestions/comments on the proposed changes in respect of above rules, last issued titled Companies (cost records and audit) Amendment Rules, 2014 Though the last date of submission of suggestions has already lapsed, the write...

Read More
Posted Under: Company Law |

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: Company Law |

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: Company Law |

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: Company Law |

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: Company Law |

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: Company Law |

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: Company Law |
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