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Govt. report on Cost Accounting Records & Cost Audit 2024

Company Law : Explore ICMAI detailed analysis of the Govt. committee report on enhancing cost audit effectiveness. Read insights & recommendatio...

July 10, 2024 1089 Views 0 comment Print

Comply without delay with timeline of Cost Audit 2023-24

CA, CS, CMA : Ensure timely compliance with the 2023-24 Cost Audit timeline. Promptly report any deviations to the Ministry of Corporate Affairs...

May 15, 2024 1842 Views 0 comment Print

Applicability & Non-Compliance in Cost Records/Audit: MCA Notices & ICMAI Advisory

CA, CS, CMA : Applicability of Cost Records and Cost Audit and Non-Compliance with various provisions with regard to Cost Records/Audit results ...

May 13, 2024 9531 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 4245 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 16584 Views 0 comment Print


Latest News


Govt. report on Cost Accounting Records & Cost Audit 2024

Company Law : Explore ICMAI detailed analysis of the Govt. committee report on enhancing cost audit effectiveness. Read insights & recommendatio...

July 10, 2024 1089 Views 0 comment Print

CAS-2 (Revised 2024) Cost Accounting Standard on Capacity Determination

CA, CS, CMA : Explore revised CAS-2 (2024) standard for capacity determination, issued by Institute of Cost Accountants of India, ensuring consi...

May 18, 2024 342 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 939 Views 0 comment Print

Advisory on Filing of Cost Audit Report for year 2017-18

Company Law : The companies which produce products covered under excise even after July 1st, 2017 will continue to furnish the information in t...

July 17, 2018 7428 Views 2 comments Print

Summary of changes as per Draft Companies (Cost Records and Audit) Amendment Rules, 2017

Company Law : Pursuant to implementation of IndAS, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to bring parity between ...

August 13, 2017 2226 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 1047 Views 0 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 8430 Views 0 comment Print

GST details in Draft Companies (Cost Records and Audit) Amendment Rules, 2018

Company Law : Pursuant to introduction of GST, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to incorporate resultant cha...

August 6, 2018 3783 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 2751 Views 0 comment Print

Revised Master Circular on Cost Accounting Records and Cost Audit

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 ...

November 11, 2017 3003 Views 0 comment Print


Responsibility of Directors: As Regards Maintenance of Cost Records

April 12, 2019 12987 Views 4 comments Print

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

Amendments in Companies Cost Records and Audit Rules

December 4, 2018 3201 Views 0 comment Print

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.

Companies (cost records and audit) Amendment Rules, 2018

December 3, 2018 8430 Views 0 comment Print

MCA notifies Companies (cost records and audit) Amendment Rules, 2018 to further amend Companies (cost records and audit) Rules, 2014.

GST details in Draft Companies (Cost Records and Audit) Amendment Rules, 2018

August 6, 2018 3783 Views 0 comment Print

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 Costing – Creation of Costing bill of material (BOM) – SAP

July 25, 2018 48528 Views 1 comment Print

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. […]

Advisory on Filing of Cost Audit Report for year 2017-18

July 17, 2018 7428 Views 2 comments Print

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.

Costing In Health Care Sector

July 7, 2018 2046 Views 0 comment Print

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.

GST data & Cost Records/ Cost Audit Annexures to be maintained

December 25, 2017 13782 Views 5 comments Print

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.

Companies (Cost Records and Audit) Amendment Rules, 2017

December 7, 2017 2751 Views 0 comment Print

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:-

Revised Master Circular on Cost Accounting Records and Cost Audit

November 11, 2017 3003 Views 0 comment Print

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.

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