Company audit report

 1) I think it is not compulsory to submit audit report to Government. Annual Audit Report includes all the details of your company which might help you in future in adverse situations.It can be referred as documentary evidence. 

3) No, Company Audit Report is not same as Cost Audit Report.

Cost audit is an audit process for verifying the cost of manufacture or production an article on basis accounts as regard utilization of material or labour or other cost. In India, the central government empowers to issue the order of conducting the cost audit for specific industries under section 233B of the Companies Act 1956.

 2. Applicability of Cost Audit

a) The company engaged in  the  production, processing, manufacturing, or  mining activities and

b) The aggregate value of net worth of the Company as on the last date of the immediately preceding financial year exceeds five crores of rupees;

Or

c) The aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores  of rupees;

Or

d) The company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India.

 1) I think it is not compulsory to submit audit report to Government. Annual Audit Report includes all the details of your company which might help you in future in adverse situations.It can be referred as documentary evidence. 

3) No, Company Audit Report is not same as Cost Audit Report.

Cost audit is an audit process for verifying the cost of manufacture or production an article on basis accounts as regard utilization of material or labour or other cost. In India, the central government empowers to issue the order of conducting the cost audit for specific industries under section 233B of the Companies Act 1956.

 2. Applicability of Cost Audit

a) The company engaged in  the  production, processing, manufacturing, or  mining activities and

b) The aggregate value of net worth of the Company as on the last date of the immediately preceding financial year exceeds five crores of rupees;

Or

c) The aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores  of rupees;

Or

d) The company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India.