Cost audit applicability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2014 Dear all.
I have a query that- what is the present (latest) criteria of appointment of Cost auditor to the pvt company. please any tell me as soon as possible. its very urgent ...........

Hemant Kumar

Hemant Kumar (Expert)
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16 January 2014 Ministry of Corporate Affairs vide no. 52/26/CAB-2010 dated 2nd May,
2011 had directed that every company to which any of the following rules apply,
and wherein, the aggregate value of net worth as on the last date of the
immediately preceding financial year exceeds five crore of rupees; or wherein the
aggregate value of the turnover made by the company from sale or supply of all
products or activities during the immediately preceding financial year exceeds

twenty crore of rupees; or wherein the company’s equity or debt securities are
listed or are in the process of listing on any stock exchange, whether in India or
outside India, shall get its cost accounting records, in respect of each of its
financial year commencing on or after the 1st day of April, 2011, audited by a cost
auditor who shall be, either a cost accountant or a firm of cost accountants,
holding valid certificate of practice under the provisions of Cost and Works
Accountants Act, 1959 (23 of 1959).

(a) Cost Accounting Records (Bulk Drugs) Rules, 1974
(b) Cost Accounting Records (Formulations) Rules, 1988
(c) Cost Accounting Records (Fertilizers) Rules, 1993
(d) Cost Accounting Records (Sugar) Rules, 1997
(e) Cost Accounting Records (Industrial Alcohol) Rules, 1997
(f) Cost Accounting Records (Electricity Industry) Rules, 2001
(g) Cost Accounting Records (Petroleum Industry) Rules, 2002
(h) Cost Accounting Records (Telecommunications) Rules, 2002