New Guidance Note Details Cost Auditors' Performance Appraisal Report Requirements Under Companies (Cost Audit Report) Rules, 2011
The Guidance Note on Performance Appraisal Report outlines the requirements and methodology for cost auditors in India to prepare a Performance Appraisal Report as mandated by the Companies (Cost Audit Report) Rules, 2011. This report, submitted confidentially to a company's Board or Audit Committee, aims to provide insights into costs, profitability, and performance measures. It categorizes companies into three types based on their strategic management processes and provides guidance on performance analysis, emphasizing cost management, strategic alignment, and efficiency. The note also discusses the impact of IFRS on cost structures and provides a framework for performance evaluation using management accounting tools.
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