COST AUDIT

1. What is Cost Audit?

Cost Audit represents the verification of cost accounts and check on the adherence to cost accounting plan. Cost Audit ascertain the accuracy of cost accounting records to ensure that they are in conformity with Cost Accounting principles, plans, procedures and objective.

2. Requirements of Cost Audit?
Central government may direct to conduct cost audit in respect of companies engaged in the production of such goods or providing such services and have a net worth or turnover as may be prescribed.
Note: If company is regulated by any special act then central government can direct to conduct cost audit only after consulting with regulatory body constituted under special act.

3. Documents Required?
1. A letter from the Company along with a set of completed cost statements for auditing the same.
2. Approved/ signed copy of Annexures and date of Board Meeting (circular resolution) approving the same.
3. Certified copy of returns from branches not visited by the cost auditor
4. Pricing Policy of the company for domestic and export sales and their comparative profitability.
5. Invitation to attend audit committee meeting and dates of audit committee meeting held during the year. 18. Profile of the person heading the costing department.
6. List of outside parties undertaking job-work for the Company and basis for fixing rates.
7. Details of foreign collaboration, technical know-how and royalty payments.
8. A copy of annual report and a copy of division/ factory wise profit and loss account and balance sheet.
9. List of non-moving inventory and write off stock.
10. Related party transactions details.

4. Time Required for Cost Audit?
Baxicorporate will get the Audit Completed within 14 working days subject to size of business.

5. Pricing ?

For Pricing and other details Click  

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