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Feb 12, 2024 · Applicability of Cost Audit. Cost audit applies to every company, including a foreign company, that is engaged in the production of goods or the provision of services specified in Table A or Table B of the Companies (Cost Records and Audit) Rules, 2014.
Jul 17, 2023 · APPLICABILITY FOR COST RECORDS (RULE 3) Pursuant to the provisions of section 148(1) read with Rule 3 of the Companies (Cost Records and Cost Audit) Rules, 2013 every company including foreign companies, engaged in the production of goods or providing services provided in table A and B, having an overall turnover from all its products and services of Rs. 35 Crore or more during the immediately preceding financial year, shall be required to maintain cost accounting records.
Sep 9, 2016 · 1. The Companies (Cost Records and Audit) Amendment Rules, 2014 dated 31/12/2014. This amendment brought the changes as pointed below: i. Definition of Central excise tariff heading given. ii. Rule 3 – Application of cost records substituted – Table A and Table B added. iii.
May 2, 2022 · How to determine Cost Audit and Cost Records Maintenance applicability for the purpose of reporting in Director’s Report and CARO. The new financial year has begun and all accounting and secretarial professionals are busy in finalization of accounts and other documents for the year 2021-22 on the one hand and on the other hand there are many documents which are required to be filed with Ministry of Corporate Affairs for the year 2022-23 like CRA-2 for appointment of cost auditors.
May 10, 2019 · This Article is an effort to explain the provisions related to provisions of Cost Records & Audit under Companies Act, 2013 and Rules thereto. 1. DEFINITIONS. a) Cost Accountant means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid certificate of ...
Jun 24, 2024 · Simple way of checking the applicability of Section 148 with regard to applicability of maintenance of Cost records or cost audit for 2024-25 is. 1) to review the financials of 2023-24 & Check the Total turnover of the Company.
Cost Records 30-35 9.0 Value Addition to the Management and the Statutory Cost Auditor of the Company 36-39 10.0 Specific Expertise Required for Internal Audit of Cost Records. 40-42 11.0 Internal Audit of Cost Records 43-52 11.1 Legal Provision 11.2 Objectives 11.3 Areas & Scope 11.4 Audit Standards 11.5 Framework of Internal Audit of Cost ...
