Applicability of cost audit
This query is : Resolved
navneet khatri
(Querist)
17 February 2012
what is monetry limits for applicability of cost audit?
by whom concerns cost audit is compulsorily
by whom concerns cost audit is compulsorily
CMA Ramesh Krishnan
(Expert)
20 February 2012
Under cost audit no turnover limit fixed. this is based on industry applicable
CMA Narendra Mundra
(Expert)
27 November 2012
Applicable to every company including a foreign company engaged in production, processing, manufacturing or mining wherein:
They are engaged in tariff heads as defined under notification dated 30th June 2011 and 24th January 2012 and the aggregate value of the turnover made by the company from all products or activities during the immediately preceding financial year exceeds ` 100 crores
They are engaged in activities where special Cost Audit Records Rules Apply under eight categories and where:
the aggregate value of the turnover made by the company from all products or activities during the immediately preceding financial year exceeds ` 20 crores or
the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds ` 5 crores, or
the company’s equity or debt securities are listed or are in the process of listing on any stock exchange
They are engaged in tariff heads as defined under notification dated 30th June 2011 and 24th January 2012 and the aggregate value of the turnover made by the company from all products or activities during the immediately preceding financial year exceeds ` 100 crores
They are engaged in activities where special Cost Audit Records Rules Apply under eight categories and where:
the aggregate value of the turnover made by the company from all products or activities during the immediately preceding financial year exceeds ` 20 crores or
the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds ` 5 crores, or
the company’s equity or debt securities are listed or are in the process of listing on any stock exchange
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