Cost audit compliance: Annexure mandates detailed cost accounting policy, product-wise cost statements and related-party disclosures and tax reconciliations. The Annexure prescribes the required contents of a Cost Audit Report under the Companies (Cost Audit Report) Rules, 2011: general company and auditor information; a detailed cost accounting policy covering cost centres, material and overhead accounting, depreciation, inventory valuation, related-party transaction valuation and treatment of abnormal costs; product-group-wise quantitative schedules and an abridged cost statement for each product group; analytical schedules for operating ratios, profit reconciliation, value addition, financial position and ratios; mandatory disclosure of related party transactions with normal price basis; reconciliation of indirect taxes and credits; and auditor explanations for significant variations.
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Cost audit compliance: Annexure mandates detailed cost accounting policy, product-wise cost statements and related-party disclosures and tax reconciliations.
The Annexure prescribes the required contents of a Cost Audit Report under the Companies (Cost Audit Report) Rules, 2011: general company and auditor information; a detailed cost accounting policy covering cost centres, material and overhead accounting, depreciation, inventory valuation, related-party transaction valuation and treatment of abnormal costs; product-group-wise quantitative schedules and an abridged cost statement for each product group; analytical schedules for operating ratios, profit reconciliation, value addition, financial position and ratios; mandatory disclosure of related party transactions with normal price basis; reconciliation of indirect taxes and credits; and auditor explanations for significant variations.
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