Cost audit

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JIGNESH P PARIKH (Querist)
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24 August 2011 Applicability of Cost Audit is different as per Notification Dated 3rd June 2011 and 30th June 2011. Further the Notification dated 30-06-2011 is not available on MCA Site. MCA Site displays only notofication dated 3-06-2011.

Which one is final?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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24 August 2011 What exactly required in the notifications

LAKSHMANARAO UDANDRAO

LAKSHMANARAO UDANDRAO (Expert)
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25 August 2011 3rd June is a notification 429(E) and 30 June is a Cost Audit Order. This notification is about Cost Accounting Records Rules and compliance report to be submitted by certain companies. There is another notification 430(E) on the same day in respect of Cost Audit Report Rules. Both are different.

On 30th June it is a Cost Audit Order not notification. This notification for mandatory cost audit by certain category companies as mentioned in order. This is available in the ICWAI website.

Please go through the article in July 2011 ICWAI journal written by V.R.Kedia and Dipti Kejriwal, you may get overall idea on the subject. Use the following link to read the article. https://www.myicwai.com/manacc/Jul11.pdf

Regards,
Lakshmana Rao

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