Dear All, I have a query in respect of applicability of Provisions of Cost Audit for a company which is engaged in construction. The main work of the co. is to make roads, bridges, tunnels etc. and the work is provoded by the Railways or the Public Works Department.
As per Companies(Cost Records & Audit)Rules,2014, Sub Rule (B) of Rule 3 states that cost audit is applicable for companies engaged in an industry Regulated by SECTORAL Regulator or a Ministry or Departtment of Central Government. ANd in Point (a)(vi) of Sub Rule 3(B) Companies engaged in Roads and other Infrastructure Projects is included.
As per Companies(Cost Records & Audit)Rules,2014, Sub Rule (C) of Rule 3 states that cost audit is applicable for companies engaged in engaged in areas involving public interest such as (i) Railway or tramway locomotives etc.
Sir, My question is if Cost Audit is applicable, then under which Sub Rule it is applicable?
An early response is highly appreciated.
Thank u all.
CAclubindia
