Cost compliance audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2013 our company does not come under cost audit as per the criteria prescribed i.e Turn Over , Net worth or listing in any stock exchange, but the product manufactured is come under the "Product Group" classification so whether cost compliance audit is only applicable.

Rahul Jain

Rahul Jain (Expert)
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19 February 2013 Cost Compliance and Cost Audit both are different aspects.....

If your company doesn't meet any criteria during 2010-11 undermentioned then nothing is applicable for the year 2011-12-

1) Turnover exceeds 20 Cr.,or
2) Net worth exceeds 5 Cr.,or
3) Company is listed.

So as per your query nothing is applicable on your company.