Working: 9.00am - 6.00pm
Working: 9.00am - 6.00pm
Established by a first-generation Practicing CMA, we have evolved into a multi-disciplinary firm with a diverse set of professionals providing a range of Audit & Consultancy services with software solutions to boot
Cost audit is a critical requirement outlined in Section 148 of the Companies Act, 2013. It mandates certain companies to maintain detailed cost records, ensuring transparency and compliance. This regulatory framework aims to standardize cost data for companies operating in specified sectors, with the goal of enhancing financial accuracy and accountability.
As per the Companies Act, 2013, companies meeting prescribed thresholds must undergo a cost audit. The Central Government provides specific guidelines through the Companies (Cost Records and Audit) Rules, 2014. Our firm conducts cost audits in adherence to the Companies Act, the relevant rules, Cost Auditing and Assurance Standards, and Cost Accounting Standards.
Following all statutory guidelines
Highlighting potential cost-related risks
Establishing Standardized Procedures / protocols
Identifying opportunities for reducing unnecessary expenses
We conduct audits across various sectors, ensuring each process aligns with regulatory requirements. Our audits cover a wide range of industries, including
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Detailed cost analysis and reporting
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Accurate record-keeping and cost efficiency
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Compliance with healthcare standards.
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Industry-specific cost compliance
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Analysis of manufacturing costs.
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Detailed assessment for compliance.
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Specialized cost evaluations
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Cost audits for food industry standards.
The aim of a cost audit is not merely to satisfy statutory requirements but to provide a comprehensive assessment.
Cost audits serve as a crucial tool for ensuring the accuracy of financial data while fulfilling statutory obligations. They provide valuable insights into a company's cost structure, supporting better management of resources and compliance with industry standards.
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