Dear cmas please anwer this ( cost audit rules 2014)

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pratik upadhyay (Querist)
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11 January 2015 “MCA issues amended Companies (Cost Records and Audit) Rules 2014” -

how does these rules affect a steel manufacturing company. What new had to be done on their part. what additional recorded have to be maintained ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 January 2015 Steel falls under unregulated sector (CETA heading - 7201 to 7229, 7301 to 7326)

For Non - Regulated Sector:
Maintenance of Cost records – 35 crores
Cost audit - 100 crores

# Major changes in reporting pattern. Cost audit report in 4 parts

Part – A – General information
Part – B – For Manufacturing sector
Part – C – For Service sector
Part – D - Product and Service profitability (For audited products and Services)

# Abridged cost statement is to be prepared for each product with CETA heading separately.

# Where there is any significant variation in current year’s figures over the previous year under each Para of Annexure to Cost audit report reasons thereof shall be given by the Cost auditor.

Check out complete notification from link given below:

http://www.mca.gov.in/Ministry/pdf/Amendment_Rules_01012014.pdf

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