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General Circular Nq_68/2011 52/13/CAB-2011 Government of Indla Ministry of Corporate Affairs Cost Audit Branch ***** 'B-1' Wing, 2nd Floor,

circulars · 1959 · State unknown

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

Text

General Circular Nq_68/2011 52/13/CAB-2011 Government of Indla Ministry of Corporate Affairs Cost Audit Branch ***** 'B-1' Wing, 2nd Floor, Paryavaran Bhawan, CGO Complex, Lodhl Road, New Delhl 110 003 Dated the November 30, 2011 The President; Institute of Cost and Works Accountants of India, 12, Sudder Street, Kolkata 700 016 SubJect: Coat Accounting Records and Cost Audlt = clarifications reqarding appllcabllity and compllanca raaulrements Sir, In connection with the recently issued circulars/notlficatlons concerning cost accounting records and cost audlt; following clarificatlons are issued: (a) That the companies covered under Companies (Cost Accountlng Records) Rules, 2011 shall only file a simple compliance report as per the notified Form-B (copy enclosed) and no other detalls of cost records are requlred to be flled with 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 Accounting 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 beginnlng with first year of application of the said Rules; (c) That the term "Turnover" defined in the Companles (Cost Accounting Records) Rules, 2011 shall exclude taxes & duties. It shall have the same meaning, wherever It appears, in all other orders/rules Issued In connection with the cost accounting records and cost audit; (d) That for flling the cost audlt reports under the Companles (Cost Audit Report) Rules, 2011, following procedure may be foll

Rule TOC

1 · IWe havelhave 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 mylour opinion; proper cost records, as per Companies (Cost Accounting Records) Rules, 2011 prescribed under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956, have/have not been maintained by the company s0 as t0 give a true and fair view of the cost of production/operation, cost of sales and margin of all the products/activities of the company:
3 · Detailed unit-wise and product/activity-wise cost statements and schedules thereto in respect of the product groups/activities are/are not kept in the company:
4 · In mylour opinion; the said books and records giveldo not give the information required by the Companies Act; 1956 in the manner s0 required:
5 · In mylour opinion; the said books and records are/are not in conformity with the generally accepted cost accounting principles and cost accounting standards Issued bv The Institute of Cost and Works Accountants of India, to the extent these are found to be relevant and applicable:
2 · QUANTITATIVE INFORMATION:
2 · RECONCILIATION STATEMENT: