cost audit
This query is : Resolved
17 December 2010
cost audit Compulsory for all company or ???....
what are the steps are required for cost audit???...
Thanks
what are the steps are required for cost audit???...
Thanks
CA Manikandan.A.V
(Expert)
17 December 2010
Cost audit in India is compulsory for companies in India who are required to maintain cost records.Such audit need to be as per Section 233B of the Companies Act
17 December 2010
Thank You Sir
Company Means Private or Limited???...
Cost Record means???...
Thanks
Company Means Private or Limited???...
Cost Record means???...
Thanks
CA Manikandan.A.V
(Expert)
17 December 2010
both.
records required under clause (d) of sub-section (1) of section 209. ie., particulars relating to utilization of material or labor or to other items of cost as may be prescribed.
Maintenance of books of cost accounting record rules under 209(1) (d) is Notified by the Govt of India, Ministry of Law, Justice & Company Affairs, Department of Company Affairs for certain class of INDUSTRIES.
The applicability of the relevant provision in Companies Act should, if at all, be limited to only those industries where government controls the selling price based on cost-plus formulae or those in which government funds are disbursed in the form of subsidies.
records required under clause (d) of sub-section (1) of section 209. ie., particulars relating to utilization of material or labor or to other items of cost as may be prescribed.
Maintenance of books of cost accounting record rules under 209(1) (d) is Notified by the Govt of India, Ministry of Law, Justice & Company Affairs, Department of Company Affairs for certain class of INDUSTRIES.
The applicability of the relevant provision in Companies Act should, if at all, be limited to only those industries where government controls the selling price based on cost-plus formulae or those in which government funds are disbursed in the form of subsidies.
CA Manikandan.A.V
(Expert)
17 December 2010
ANNEXURE
LIST OF INDUSTRIES COVERED UNDER SECTION 209 (1) (d) OF THE COMPANIES ACT, 1956
Sno.
Name of the Industry
1
Cement
2
Cycles
3
Tyres & Tubes
4
Air-Conditioners
5
Refrigerators
6
Batteries other than Dry Cell Batteries
7
Electric Lamps
8
Electric Fans
9
Electric Motors
10
Motor Vehicles
11
Aluminum
12
Vanaspati
13
Bulk Drugs
14
Sugar
15
Industrial Alcohol
16
Jute Goods
17
Paper
18
Rayon
19
Dyes
20
Polyester
21
Nylon
22
Textiles
23
Dry Cell Batteries
24
Steel Tubes and Pipes
25
Engineering
26
Electric Cables and Conductors
27
Bearings
28
Milk Food
29
Chemicals
30
Formulations
31
Steel Plant
32
Insecticides
33
Fertilizers
34
Soaps & Detergents
35
Cosmetics & Toiletries
36
Footwear
37
Shaving Systems
38
Industrial Gases
39
Mining and Metallurgy
40
Electronic Products
41
Electricity
42
Plantation Product
43
Petroleum Industry
44
Telecommunication
LIST OF INDUSTRIES COVERED UNDER SECTION 209 (1) (d) OF THE COMPANIES ACT, 1956
Sno.
Name of the Industry
1
Cement
2
Cycles
3
Tyres & Tubes
4
Air-Conditioners
5
Refrigerators
6
Batteries other than Dry Cell Batteries
7
Electric Lamps
8
Electric Fans
9
Electric Motors
10
Motor Vehicles
11
Aluminum
12
Vanaspati
13
Bulk Drugs
14
Sugar
15
Industrial Alcohol
16
Jute Goods
17
Paper
18
Rayon
19
Dyes
20
Polyester
21
Nylon
22
Textiles
23
Dry Cell Batteries
24
Steel Tubes and Pipes
25
Engineering
26
Electric Cables and Conductors
27
Bearings
28
Milk Food
29
Chemicals
30
Formulations
31
Steel Plant
32
Insecticides
33
Fertilizers
34
Soaps & Detergents
35
Cosmetics & Toiletries
36
Footwear
37
Shaving Systems
38
Industrial Gases
39
Mining and Metallurgy
40
Electronic Products
41
Electricity
42
Plantation Product
43
Petroleum Industry
44
Telecommunication
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