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Oct 19, 2020 · Which provision governs the cost audit? The Section 148 of The Companies Act, 2013 read with The Companies (Cost Records and Audit) Rules, 2014 and Cost and Works Accountants Act, 1959. What is cost audit? There is no definition given in The Companies Act, 2013 or in any other Law.
Rules governing maintenance of cost accounting records and cost audit as per Section 148 of the Companies Act, 2013: COST AUDIT: Rule 4 states that cost audit would be applicable to a company if the classification of company falls under Industry / Sector / Product / Service provided in Table A or Table B and:
Jan 15, 2024 · Section 148 of the Companies Act of 2013 outlines the regulations for cost records and cost audits. To better understand these regulations, we will review Subsections 1 and 2 of Section 148, as well as Rules 3 to 5 of the Companies (Cost Records and Audit) Rules, 2014.
Sep 11, 2024 · Summary: Cost audit under Section 148 of the Companies Act, 2013, mandates certain companies to maintain cost records and undergo a cost audit by a practicing cost accountant.
Application- These Rules shall apply to every company covered under the Companies (Cost Accounting Records) Rules, 2013 under Sub-Section (1) of Section 148 and which have such amount of net worth or the value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year for...
The Companies Act, 2013, under Section 148, along with the Companies (Cost Records and Audit) Rules, 2014, governs the requirements related to cost audits in India. This guide provides a detailed overview of the applicability, exemptions, and compliance obligations related to cost audits. 1.
Jul 17, 2023 · APPLICABILITY OF COST AUDIT (RULE 4) The criteria for applicability of cost audit are different for companies in regulated and non-regulated sector.
Dec 29, 2020 · The Companies Act, 2013 empowers the Central Government (CG) to make rules in the areas of maintenance of cost records by the companies engaged in specified industries, manufacturing of goods or providing services; and for getting such records audited under section 148 of Companies Act, 2013.
THE COMPANIES ACT, 2013 _____ ARRANGEMENT OF SECTIONS _____ CHAPTER I PRELIMINARY SECTIONS 1. Short title, extent, commencement and application. 2. Definitions. CHAPTER II INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO 3. Formation of company. 4. Memorandum. 5. Articles. 6. Act to override memorandum, articles, etc. 7. Incorporation of ...
Apr 22, 2023 · Recently MCA- Cost Audit Branch has issued Show Cause Notices to companies who had not prepared the Cost Records under 148 of the Companies Act, 2013. Penalties for Non-Compliance. Companies failing to maintain cost records or conduct cost audits are subject to penalties under Indian law.
