Cost Audit

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 As per CAB dated 24/01/2012 of MCA, is it compusory to make an cost audit from the FY 2012 - 13 to company who covered under cost audit record rule 2011

AI Summary

Cost audits mandatory for specified industries under Cost Audit Record Rules 2011 for financial year 2012-13. A discussion on a forum addressed whether cost audits are mandatory for companies under the Cost Audit Record Rules 2011 for the financial year 2012-13. An individual confirmed that, according to an order dated January 24, 2012, cost audits are compulsory for industries specified in the order. Another participant clarified that companies under the Cost Accounting Records Rules 2011 must submit a compliance report, while those under a specific government order must submit a cost audit report. The requirement for a cost audit for the financial year 2012-13 was affirmed.