Cost accounts audit applicability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2013
What is the criteria for applicability of the Cost accounting records rules for the financial year 2012-13/
I also need guidance on the procedure of appointment of a Cost auditor.
I also need guidance on the procedure of appointment of a Cost auditor.
08 August 2013
Central Government, in exercise of the powers conferred by clause (b) of sub-section
(1) of section 642 read with sub-section (4) of section 233B, and sub-section (1) of
section 227 of the Companies Act, 1956 (1 of 1956), and in supersession of the Cost
Audit Report Rules, 2001 has issued these rules.
These rules shall apply to every company in respect of which an audit of the cost
records has been ordered by the Central Government under sub-section (1) of section
233B of the Act.
(1) of section 642 read with sub-section (4) of section 233B, and sub-section (1) of
section 227 of the Companies Act, 1956 (1 of 1956), and in supersession of the Cost
Audit Report Rules, 2001 has issued these rules.
These rules shall apply to every company in respect of which an audit of the cost
records has been ordered by the Central Government under sub-section (1) of section
233B of the Act.
08 August 2013
for more details go through following link.:
https://icmai.in/upload/carr-car/faq/FAQ2.pdf
https://icmai.in/upload/carr-car/faq/FAQ2.pdf
08 August 2013
The procedure for appointment of the cost auditor as prescribed by both the
circulars is:
1. Eligible companies to e-file its application for appointing a cost auditor with the
Central Government in the prescribed Form 23C within 90 days from the date of
commencement of each financial year.
2. MCA to approve the application within 30 days of filing Form 23C, if no approval
is received, then deemed approval for the appointment of cost auditor can be
assumed by the company according to Circular 1.
3. Company to issue formal letter of appointment (approved by the Board) within
30 days from the date of approval of MCA.
4. Cost auditor to file Form 23D within 30 days of date of formal letter of
appointment issued by the company
circulars is:
1. Eligible companies to e-file its application for appointing a cost auditor with the
Central Government in the prescribed Form 23C within 90 days from the date of
commencement of each financial year.
2. MCA to approve the application within 30 days of filing Form 23C, if no approval
is received, then deemed approval for the appointment of cost auditor can be
assumed by the company according to Circular 1.
3. Company to issue formal letter of appointment (approved by the Board) within
30 days from the date of approval of MCA.
4. Cost auditor to file Form 23D within 30 days of date of formal letter of
appointment issued by the company
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
