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Cost Records & Audit

Cost Records
As per Sec 148(1) of the Companies Act’ 2013 and the Companies (Cost Records and Audit) Rules 2014 & the Companies (Cost Records and Audit) Amendment Rules 2014 is applicable for the class of Companies, including foreign companies defined in clause 42 of Sec 2 of the Act engaged in the production of goods or providing services specified in (Table A & B) having an overall turnover from all its products and services of Rs. 35 crores or more during the immediately preceding financial year shall include cost records for such products or services in their books of accounts.

Cost Audit
As per Sec 148(2) of the Companies Act' 2013 and the Companies (Cost Records and Audit) Rules 2014 & the Companies (Cost Records and Audit) Amendment Rules 2014 is applicable for (1) every company specified in (Table A) if the overall annual turnover of the company from all its products and services during the immediately preceding financial year is Rs. 50 crores or more and the aggregate turnover of the individual product or products or service or services for which cost records are required to be maintained is Rs. 25 crores or more.

(2) every company specified in (Table B) if the overall annual turnover of the company from all its products and services during the immediately preceding financial year is Rs. 100 crores or more and the aggregate turnover of the individual product or products or service or services for which cost records are required to be maintained is Rs. 35 crores or more.