Cost Audit
Statutory cost audit under the Companies Act, 2013 and the Companies (Cost Records and Audit) Rules, 2014.
Companies in specified regulated and non-regulated sectors are required to maintain cost records and, above prescribed turnover thresholds, to have those records audited by a practising Cost Accountant.
The firm conducts statutory cost audits end to end: assessing whether the rules apply to the company, reviewing the cost records maintained in Form CRA-1, carrying out the audit, issuing the report in Form CRA-3, and filing Form CRA-4 with the Ministry of Corporate Affairs in XBRL format within the statutory timeline.
Cost audit work is planned around the company’s own reporting calendar so that the cost statements reconcile with the audited financial statements for the same period.