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...
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)
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.
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.
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
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
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
The Ministry of Corporate Affairs has released the new forms relevant to Costing Rules prior to Companies (Cost Records and Audit) Rules 2014: FORM 23C [Pursuant to section 233B(2) of Companies Act, 1956]: Form of application to the Central Government for appointment of cost auditor FORM 23D [Pursuant to section 233B(2) of Companies Act, 1956]:Information […]
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 have been highlighted […]
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
The Institute submitted a representation on the subject ‘Criterion for selection of Cost Auditors in PSUs’ to the Director General, SCOPE with copies marked to Chief Vigilance Commissioner, Secretary-MCA and Department of Public Enterprises and subsequently held a meeting of President with the DG-SCOPE, SCOPE on the matter.
