Company Law : Section 148 of India's Companies Act mandates cost record maintenance (Form CRA-1) for companies in specified sectors with over Rs...
CA, CS, CMA : Understand cost records and audit rules for the construction industry, including applicability, special features, and benefits for...
CA, CS, CMA : Explore effective cost-saving strategies for overheads using cost records, audits, and reports. Learn classification, MIS reportin...
CA, CS, CMA : Learn how cost records, audits, and analytical reports help reduce employee costs in various industries and improve efficiency in ...
Company Law : Explore ICMAI detailed analysis of the Govt. committee report on enhancing cost audit effectiveness. Read insights & recommendatio...
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...
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...
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 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.
The Ministry of Corporate Affairs, Government of India vide its communication dated August 11,2017 had requested suggestions/comments on the proposed changes in respect of above rules, last issued titled Companies (cost records and audit) Amendment Rules, 2014 Though the last date of submission of suggestions has already lapsed, the writer wants to draw the attention of cost accountants/chartered accountants and company secretaries on the proposed changes which is intended to be disruptive in nature and provoke new thinking.
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.
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
