TaxTMI 
TaxTMI 
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
Cost Audit
12 Apr 2012 
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Cost audit requirement made compulsory for covered industries; compliance reporting and cost audit filing obligations clarified.
The CAB order of 24 January 2012 makes cost audit compulsory for entities covered by that order for the relevant year. The summary distinguishes two regimes: the Cost Accounting Records Rules, 2011 require maintenance of records and submission of a specified compliance report to the Central Government, while where the Central Government issues an order under section 233B the Cost Audit Report Rules, 2011 require a formal cost audit and filing of a cost audit report by a cost auditor. (AI Summary)
The CAB order of 24 January 2012 makes cost audit compulsory for entities covered by that order for the relevant year. The summary distinguishes two regimes: the Cost Accounting Records Rules, 2011 require maintenance of records and submission of a specified compliance report to the Central Government, while where the Central Government issues an order under section 233B the Cost Audit Report Rules, 2011 require a formal cost audit and filing of a cost audit report by a cost auditor. (AI Summary)