Cost Audit Report (Form CRA-3) requires audited cost records, annexed cost statements, and auditor observations on compliance. Form CRA-3 is the prescribed Cost Audit Report format under section 148 and rule 6(4) requiring the cost auditor to report whether necessary information was obtained; whether proper cost records and branch returns were maintained; whether records comply with the Act; whether an adequate internal audit system for cost records exists; and whether annexed cost statements present a true and fair view of cost of production, cost of sales and margin. The auditor must state if detailed unit and product/service wise cost statements are maintained and provide observations and suggestions; material deficiencies or qualifications must be indicated against relevant report paragraphs and based on verified data.
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Cost Audit Report (Form CRA-3) requires audited cost records, annexed cost statements, and auditor observations on compliance.
Form CRA-3 is the prescribed Cost Audit Report format under section 148 and rule 6(4) requiring the cost auditor to report whether necessary information was obtained; whether proper cost records and branch returns were maintained; whether records comply with the Act; whether an adequate internal audit system for cost records exists; and whether annexed cost statements present a true and fair view of cost of production, cost of sales and margin. The auditor must state if detailed unit and product/service wise cost statements are maintained and provide observations and suggestions; material deficiencies or qualifications must be indicated against relevant report paragraphs and based on verified data.
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