CA, CS, CMA : The amendment introduces strict personal liability for senior management in maintaining cost records. It ensures accountability by...
Income Tax : Inventory Valuation under the Income-tax Act, 2025: A Critical Area for Financial, Tax, and Cost Auditors - Analytical Study of ...
Company Law : MCA has intensified scrutiny of Cost Audit filings and is issuing notices (currently for FY 2020–21) under Section 148(7) of the...
CA, CS, CMA : This explains why power, oil, gas, and coal companies fall under mandatory cost audit regulations. The key takeaway is that meetin...
Company Law : This explains when manufacturing companies must undergo cost audit based on turnover thresholds. The key takeaway is that exceedin...
CA, CS, CMA : ICMAI issues revised Code of Ethics for CMAs, effective June 1, 2025, including independence standards for audit and assurance eng...
CA, CS, CMA : The Institute of Cost Accountants of India releases an Exposure Draft on Cost Management in Healthcare Services. Public comments a...
Company Law : Explore ICMAI detailed analysis of the Govt. committee report on enhancing cost audit effectiveness. Read insights & recommendatio...
CA, CS, CMA : Explore revised CAS-2 (2024) standard for capacity determination, issued by Institute of Cost Accountants of India, ensuring consi...
Income Tax : Learn how to prepare Inventory Valuation Reports under Section 142(2A) of the Income Tax Act, 1961 with our comprehensive Guidance...
CA, CS, CMA : A detailed guide from Institute of Cost Accountants of India about mandatory communication regulations for Cost Accountants. Under...
Company Law : Representations have been received from various stakeholders for extension of last date of filing of Cost Audit Report to the Boar...
Company Law : 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 ...
Company Law : General Circular No. 17/2019- Last date of filing of CRA-4 (cost audit report) for all eligible companies for the Financial Year 2...
Company Law : The companies who have already filed their Cost Audit Report in form CRA-4 for the financial year 2018-19 with the Central Governm...
The amendment introduces strict personal liability for senior management in maintaining cost records. It ensures accountability by imposing penalties for non-compliance, especially in listed companies. The move strengthens governance and data accuracy.
Inventory Valuation under the Income-tax Act, 2025: A Critical Area for Financial, Tax, and Cost Auditors – Analytical Study of Sections 268(5) and 277, Rule 171(2), Form 101 and the Interplay with Form 26
MCA has intensified scrutiny of Cost Audit filings and is issuing notices (currently for FY 2020–21) under Section 148(7) of the Companies Act, 2013, seeking further information and explanations to verify the correctness of cost records and Cost Audit Reports filed in XBRL Form CRA-4.
This explains why power, oil, gas, and coal companies fall under mandatory cost audit regulations. The key takeaway is that meeting turnover thresholds triggers strict compliance obligations.
This explains when manufacturing companies must undergo cost audit based on turnover thresholds. The key takeaway is that exceeding ₹100 crore overall turnover and ₹35 crore product revenue triggers compliance.
Cost audit applies to pharma companies crossing prescribed turnover limits, ensuring transparency and compliance with price controls under the DPCO.
Section 148 of India’s Companies Act mandates cost record maintenance (Form CRA-1) for companies in specified sectors with over Rs.35 Cr turnover. A cost audit is compulsory if turnovers exceed higher thresholds (Rs.50 Cr/Rs.100 Cr overall).
A summary of how cost audits and costing systems provide real business value by improving efficiency, reducing waste, and enabling informed decisions beyond regulatory compliance.
ICMAI issues revised Code of Ethics for CMAs, effective June 1, 2025, including independence standards for audit and assurance engagements.
Understand cost of material consumed, stock-in-trade, and inventory changes. Learn practical explanations, regulatory alignment, and reporting under Companies Act, 2013.
