Cost audit & compliance report

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2014 Dear all,

If the company had got cost audit done than pls tell whether it is require to obtain compliance report also or not?

Thanks

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 December 2014 Some of the products and services are covered under Cost compliance report. please check your Cost auditor itself applicability Cost compliance for your product and services

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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24 December 2014 both Cost audit and Compliance reports operated under different rules.

Cost audit are applicable by Central Government orders reads with Companies (Cost Audit) rules 2011

And compliance report in operated unser companies (Cost accounting records) Rules 2011.

it is not mandatory that a company on cost audit required also required submit compliance report

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Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2015 Dear Sir,

Pls tell that appointment of cost auditor is required in case of maintenance of cost records only & not the cost audit requirement, as per new cost audit rules?

Thanks