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Sir, f n connection with the recently issued cireulars/notlficatlons concerning cost accounting records and cost audlt, following clarificat

dca7405d5d29ee049ec7bbaf98f30651e1c6057e · 1959 · State unknown

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Parent: THE COST ACCOUNTANTS ACT, 1959 (6862d2d0df4fe563db21018138b596c7463ac60c)

Text

To, Sir, f n connection with the recently issued cireulars/notlficatlons concerning cost accounting records and cost audlt, following clarifications are Issued: (a) That the companies covered under Companies (Cost Accounting Records) Rules, 2011 shall only file a simple compliance report as per the notified Form-5 (copy enclosed) and no other detalls of cost records are requlred to be flled wlth the Government. If all the products/activities of a company, excluding the exempted categories, are covered under cost audlt, then the company will not be required to separately file the compliance report. (b) That for companies coming under the purview of the Companies (Cost Amounting Records) Rules, 2011 and the Companies (Cost Audit Report) Rules, 2011 for the first time, cost records and cost detalls, statements, schedules, etc. shall be kept in good order for the next elght financial years beginning with first year of application of the said Rules. (c) That the term "Turnover* defined in the Companies (Cost Accounting Records) Rules, 2011 shall exclude taxes & duties. It shaft have the same meaning, wherever It appears, in all other orders/rules Issued In ccrnnectlon with the cost accounting records and cost audit. (d) That for filing the cost audlt reports under the Companies (Cost Audlt Report) Rules, 2011, following procedure may be followed: (i) If only one product of a company is subject to cost audit and the company appoints more than one cost audltor, only a consolidated cost audit report [containing inter alia the qualifications, mrvatlons or suggestions If any glven by all the cost auditors] should be prepared General CJrcular No. 68/2011 52/13/CAB-2011 Government of Indla Ministry of Corporate Affairs Cost Audit Branch ***** Audit Br ***** 'B-1' Wing, 2nd Floor, P

Rule TOC

1 · I/We have/have not obtained all the information and explanations, which to the best of my/our knowledge and belief were necessary for the purpose of this compliance report.
2 · In my/our opinion, proper cost records, as per Companies (Cost Accounting Records) Rules, 2011 prescribed under clause (d) of subsection (1) of seaion 209 of the Companies Act, 1956, have/have not been maintained by the company so as to give a true and fair view of the cost of production/operation, cost of sales and margin of all the produas/activities of the company.
3 · Detailed unit-wise and productlactivity-wise cost statements and schedules thereto in respect of the product groups/activitles are/are not kept In the company.
4 · In my/our opinion, the said books and records give/do not give the informatlon required by the Companies Act, 1956 in the manner so required.
5 · In my/our oplnion, the said boob and records are/are not in conformity with the generally
1 · GENERAL:
2 · QUANTITATIVE INFORMATION:
3 · mNCIUATK)M STATEMENT:
Sir, f n connection with the recently issued cireulars/notlficatlons concerning cost accounting records and c… — THE COST ACCOUNTANTS ACT, 1959 — Roop's Law Assist Statutes