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Cost Audit

Latest Articles


Role of CMA & Cost Auditing in PM Narendra Modi’s Vision for India 2047

CA, CS, CMA : Explore the role of Cost Management Accountants (CMAs) and the importance of cost audit and costing systems in achieving PM Narend...

March 18, 2024 1428 Views 0 comment Print

Cost Auditor Appointment & Compliance Under Companies Act 2013

Company Law : Navigate the complexities of Cost Auditor appointments, remuneration, removal, and resignation under the Companies Act, 2013. Lear...

January 22, 2024 1380 Views 0 comment Print

Cost Record Maintenance & Audit applicability under Companies Act, 2013

Company Law : The article provides an in-depth understanding of provisions related to maintenance of cost records and applicability of cost audi...

January 15, 2024 14229 Views 0 comment Print

First-Time Cost Audit? Here’s Your Comprehensive Guide

Company Law : Navigating your first cost audit? Learn the procedure, cost records preparation, utility cost sheet format, and filing the cost au...

December 16, 2023 858 Views 0 comment Print

Cost Auditor Appointment: Regulations, Procedure & Consequences

CA, CS, CMA : Explore the when, why, and how of appointing a cost auditor under the Companies Act. Learn about eligibility, procedure, and conse...

November 24, 2023 1974 Views 0 comment Print


Latest News


Cost Accountants to undertake Inventory Valuation under Section 142(2A) of Income Tax

CA, CS, CMA : Discover how Institute of Cost Accountants of India assists in inventory valuation under Income Tax Section 142(2A). Insights on r...

October 5, 2023 4269 Views 0 comment Print

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

CA, CS, CMA : CAASB Request for Comments on Exposure Draft of the Revised Standards on Cost Auditing (SCAs) Second Proviso to Section 148(3) of...

June 3, 2022 480 Views 0 comment Print

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

CA, CS, CMA : Advisory on the Treatment of various items of Cost in light of Covid-19 pandemic & their Presentation / Disclosures in form CRA 3 ...

April 4, 2021 912 Views 0 comment Print

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 conseque...

December 2, 2019 2799 Views 0 comment Print

Advisory to Practicing Members conducting Cost Audit

CA, CS, CMA : The Cost Audit Branch, Ministry of Corporate Affairs had issued an Exposure Draft for amendments to the Companies (Cost Records & ...

July 1, 2019 4938 Views 0 comment Print


Latest Notifications


Guidelines for Mandatory Communication to Preceding Cost Auditor

CA, CS, CMA : A detailed guide from Institute of Cost Accountants of India about mandatory communication regulations for Cost Accountants. Under...

May 26, 2023 900 Views 0 comment Print

Companies (cost records and audit) Amendment Rules, 2019

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...

October 15, 2019 19929 Views 1 comment Print

Companies (cost records and audit) Amendment Rules, 2018

Company Law : MCA notifies Companies (cost records and audit) Amendment Rules, 2018 to further amend Companies (cost records and audit) Rules, 2...

December 3, 2018 8241 Views 0 comment Print

Companies (Cost Records and Audit) Amendment Rules, 2017

Company Law : 1. These rules may be called the Companies (cost records and audit) Amendment Rules, 2017. 2. In the Companies (cost records and a...

December 7, 2017 2637 Views 0 comment Print

Companies (cost records and audit) Amendment Rules, 2016

Company Law : Cost audit report means the duly signed cost auditor’s report on the cost records examined and cost statements which are prepare...

July 14, 2016 39285 Views 0 comment Print


Handling of Notices issued for non-appointment of Cost Auditors for 2017-18

May 19, 2022 7920 Views 1 comment Print

Discover the impact of non-appointment of cost auditors for 2017-18 and the notices issued. Understand the challenges faced by compliance officers and the consequences of non-compliance.

Discussion on Notice from Cost Audit Department

May 12, 2022 1671 Views 0 comment Print

Get insights into the provision and applicability of Cost Audit and Cost Auditor on Companies. Understand the reasons behind receiving a Notice from the Cost Department.

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

May 2, 2022 12774 Views 0 comment Print

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 organisations.

FAQs on Maintenance of Cost Records and Audit thereof 

April 27, 2022 10908 Views 0 comment Print

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.

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

December 23, 2021 912 Views 0 comment Print

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 auditor […]

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

December 3, 2021 7272 Views 1 comment Print

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.

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

September 28, 2021 6726 Views 0 comment Print

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) […]

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

September 27, 2021 10989 Views 0 comment Print

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.

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

June 19, 2021 38613 Views 2 comments Print

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 2013. Through […]

Determining costing in Service Industry

April 20, 2021 24672 Views 0 comment Print

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 total operational cost incurred on each […]