CA, CS, CMA : Explore the role of Cost Management Accountants (CMAs) and the importance of cost audit and costing systems in achieving PM Narend...
Company Law : Navigate the complexities of Cost Auditor appointments, remuneration, removal, and resignation under the Companies Act, 2013. Lear...
Company Law : The article provides an in-depth understanding of provisions related to maintenance of cost records and applicability of cost audi...
Company Law : Navigating your first cost audit? Learn the procedure, cost records preparation, utility cost sheet format, and filing the cost au...
CA, CS, CMA : Explore the when, why, and how of appointing a cost auditor under the Companies Act. Learn about eligibility, procedure, and conse...
CA, CS, CMA : Discover how Institute of Cost Accountants of India assists in inventory valuation under Income Tax Section 142(2A). Insights on r...
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...
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 ...
Company Law : MCA amended Companies (Cost Records and Audit) Amendment Rules due to implementation of GST, other procedural changes and conseque...
CA, CS, CMA : The Cost Audit Branch, Ministry of Corporate Affairs had issued an Exposure Draft for amendments to the Companies (Cost Records & ...
CA, CS, CMA : A detailed guide from Institute of Cost Accountants of India about mandatory communication regulations for Cost Accountants. Under...
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...
Company Law : MCA notifies Companies (cost records and audit) Amendment Rules, 2018 to further amend Companies (cost records and audit) Rules, 2...
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...
Company Law : Cost audit report means the duly signed cost auditor’s report on the cost records examined and cost statements which are prepare...
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.
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.
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.
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.
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 […]
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 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) […]
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.
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 […]
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 […]