Cost audit applicability clarified: threshold-based audit obligation applies from specified dates for covered industries under cost accounting rules. Clarifies that circulars relating to Cost Accounting Records Rules (2011) and industry-specific Cost Audit Orders remain applicable; companies meeting specified threshold limits must have cost accounting records audited by a qualified cost auditor for financial years commencing on or after applicable effective dates. Supersession of earlier industry rules by 2011 rules is noted, with Cost Audit Order No. 52/26/CAB-2010 applying from financial year 2011-12 for erstwhile-covered products and from financial year 2012-13 for products first covered by revised 2011 rules. Multi-product companies whose activities fall under Companies (Cost Accounting Records) Rules, 2011 but not under cost audit orders must file the prescribed compliance report.
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Provisions expressly mentioned in the judgment/order text.
Cost audit applicability clarified: threshold-based audit obligation applies from specified dates for covered industries under cost accounting rules.
Clarifies that circulars relating to Cost Accounting Records Rules (2011) and industry-specific Cost Audit Orders remain applicable; companies meeting specified threshold limits must have cost accounting records audited by a qualified cost auditor for financial years commencing on or after applicable effective dates. Supersession of earlier industry rules by 2011 rules is noted, with Cost Audit Order No. 52/26/CAB-2010 applying from financial year 2011-12 for erstwhile-covered products and from financial year 2012-13 for products first covered by revised 2011 rules. Multi-product companies whose activities fall under Companies (Cost Accounting Records) Rules, 2011 but not under cost audit orders must file the prescribed compliance report.
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