Cost Audit

✓ The Cost Audit represents the verification of cost accounts and a check on the adherence of Cost Accounting Standards.
✓ As per provisions contained under rule 4 of the Companies (Cost Records and Audit) Rules, 2014. The cost audit is applicable in the following situation on organization:
✓ Table A for Regulatory Sector –
• Overall annual total turnover during immediately preceding financial year Rupees 50 Crore or more; and
• If revenue from export (foreign Exchange) more than 75 of Total Turnover
• If the business is operating from Special Economic Zone
✓ Table B for non Regulatory Sector-
• Overall annual total turnover during immediately proceeding financial year Rupees 100 Crore or more; and
• If revenue from export (foreign Exchange) more than 75 of Total Turnover
• If the business is operating from Special Economic Zone
✓ As per provision of section 148(3) of Companies Act, 2013 The audit under sub-section 148(2) shall be conducted by a Cost Accountant who shall be appointed by the Board on such remuneration as may be determined by the members in such manner as may be prescribed:
✓ Every company as specified shall inform the cost auditor concerned of his or its appointment as such and file a notice of such appointment with the Central Government within a period of thirty days of the Board meeting in which such appointment is made or within a period of one hundred and eighty days of the commencement of the financial year
✓ We Require the following Documents for Cost Audit:
• Appointment letter of our firm
• Cost records as per the requirements of CRA-1. etc
• Other documents as may be required at the time of Audit.

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