Company Law : Explore ICMAI detailed analysis of the Govt. committee report on enhancing cost audit effectiveness. Read insights & recommendatio...
CA, CS, CMA : Ensure timely compliance with the 2023-24 Cost Audit timeline. Promptly report any deviations to the Ministry of Corporate Affairs...
CA, CS, CMA : Applicability of Cost Records and Cost Audit and Non-Compliance with various provisions with regard to Cost Records/Audit results ...
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 : 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...
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 : The companies which produce products covered under excise even after July 1st, 2017 will continue to furnish the information in t...
Company Law : Pursuant to implementation of IndAS, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to bring parity between ...
CA, CS, CMA : A detailed guide from Institute of Cost Accountants of India about mandatory communication regulations for Cost Accountants. Under...
Company Law : MCA notifies Companies (cost records and audit) Amendment Rules, 2018 to further amend Companies (cost records and audit) Rules, 2...
Company Law : Pursuant to introduction of GST, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to incorporate resultant cha...
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 : 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 Institute of Cost Accountants of India has issued a guidance note on the RESPONSIBILITY OF DIRECTORS: AS REGARDS MAINTENANCE OF COST RECORDS in January 2019. The guidance note aims to provide the guidance to the company to obtain a Assurance Certificate for Maintenance of Cost Records before incorporating the disclosure with regard to the Cost Records in Director’s Report
The much awaited demand of the stake holders with regard to the fine-tuning of Companies Cost Records and Audit Rules has been met with though not fully by the Ministry of Corporate Affairs.
MCA notifies Companies (cost records and audit) Amendment Rules, 2018 to further amend Companies (cost records and audit) Rules, 2014.
Pursuant to introduction of GST, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to incorporate resultant changes. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2018 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments.
Product cost – Expenses attributable to a particular product is Product Cost. Product costing is part of controlling module in SAP. Pre-requisites 1. Material Masters of RM, SFG, FG 2. Bill of Materials, Routing, Master Recipe 3. Work centers / Resources or equipment ID’s\ 4. Activity Types 5. Configuration – WIP, Variance, and Settlement 6. […]
The companies which produce products covered under excise even after July 1st, 2017 will continue to furnish the information in the same format provided by the Companies (Cost Records and Audit) Amendment Rules, 2017. The companies having their products or services covered under GST may follow the guidance provided in this advisory.
Introduction Hospital organizations have been facing difficulties and challenges in balancing limited resources and costs to provide their demand for services. Medical research has the effect in introduction of modern medical techniques and medicines, which usually causes the increase of consumed costs. Increasing costs of healthcare systems have the growing demands on the public budgets, and also the patient’s expenditures. Many countries start to seek the alternative sources of financing of healthcare systems, because the traditional systems of healthcare insurances are no more sufficient for covering of expansive healthcare services costs.
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.
1. These rules may be called the Companies (cost records and audit) Amendment Rules, 2017. 2. In the Companies (cost records and audit) Rules, 2014 (hereinafter referred to as the principal rules), in rule 2, after clause (f), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2016, namely:-
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 the same period for which he is conducting the cost audit.
