Though Companies Act mandated the maintenance of Cost Records and Cost Audit for companies fulfilling certain criteria, however, the companies used to ignore the mandate by simply mentioning in the Director's Report and CARO report that Section 148 is not applicable.
As you are aware that an Insurance Company is a company incorporated under provisions of the Companies Act, 1956/2013, licensed under the Insurance Act, 1938 and IRDAI Act,1999.
In this editorial, author shall discuss the provision, applicability of Cost Audit and Cost Auditor on Companies along with reason of issuance of Notice from the Cost Department.
Through this article, we have tried to answer most of queries which a company can have with regard to cost records applicability or cost audit.
In this article, the author has tried to throw some light on the procedure to be followed while conducting stock and receivable audits in a brief manner
Companies have been granted a year to implement the Ministry of Corporate Affairs' latest change in accounting software to use the audit trail (edit log) feature. The audit trail will be mandatory for private limited firms starting April 1, 2022, according to a decision made this year.
The RBI had issued certain clarifications vide its notification dated 12th Nov 2021 with a purpose to more accurately interpret the extant IRAC norms which we must keep in mind while conducting branch audits this time.
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The SBA should verify the details of stock statement dated 31st March of 2021 submitted to the bank and the values of drawing power claimed therein with the values reported in audited balance sheet of 31-03-2021
The importance of cyber risk assessment has increased manifold due to the pandemic. Some of the cyber threats which has developed over the last two years during the pandemic were the ransomware where the attack has increased by 150% due to the "Work from home" culture.
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