Cost audit scope may be widened

cost audit is not just acompliance cost,the government decides on no. of policies such subsidy, prevention of cartels,rates of indirect taxes in context of WTO scenario

cost audit is not just acompliance cost,the government decides on no. of policies such subsidy, prevention of cartels,rates of indirect taxes in context of WTO scenario

cost audit is not just acompliance cost,the government decides on no. of policies such subsidy, prevention of cartels,rates of indirect taxes in context of WTO scenario

my view regarding cost audits is that cost audits should be made compulsory for all manufacturing and service sectors to increase efficiency and reduce cost. cost audit is very important tool.

my view regarding cost audits is that cost audits should be made compulsory for all manufacturing and service sectors to increase efficiency and reduce cost. cost audit is very important tool.

Its demand of today to make and better future of ICWAI , we should change the nominculature as ICMAI ,becuase in all over the world Management Accountand (ICMAI) having the more recognition as compared to ICWAI name .Thanks

sirI would like to draw your attention in respect of applicability of VAT audit .wheter cost accountant are eligible if so in which state applicable.there is no specific information in this regards......kindly reply the same .Thank youyours faithfully B.K.Gupta

sirI would like to draw your attention in respect of applicability of VAT audit .wheter cost accountant are eligible if so in which state applicable.there is no specific information in this regards......kindly reply the same .Thank youyours faithfully B.K.Gupta

new syallabus appear in icwawhen the course appear?

new syallabus appear in icwawhen the course appear?

It is really a remarkable decision keeping in view boom in Indian economy and in view of AS 17 issued of Institute of Chartered Accountant of India. Besides cost audit is not only an audit ;but it can be used as a management tool for decision making, identifying non-contributing activities , and also provide remedy for corrective actions in no. of areas of operations. Hence it is unfortunate to consider that cost audit will increase the cost of compliance; rather this audit helps in optimising the management efficiency.JP GUPTA

IT IS ESSENTIAL AT PRESENT SCENARIO COST AUDIT SHOULD MADE MANDATORY FOR ALL INDUSTRIES INCLUDING SERVICE SECTOR,BANKING AND INSURANCE AND FINANCIAL INSTITUTIONS INORDER SUSTAIN IN GLOBAL MARKET.GOVT. MAY INSIST THE ICWA INSTITUTE TO RELEASE COST ACCOUNTIN STANDARDS,WHICH WILL HELP THE INDUSTRY THE NORMS TO BE FOLLOWED IN CALCULATING THE COST.NO INDUSTRY CAN FLURISH WITHOUT PROPER METHODS OF COSTING. THESE STANDARDS WILL HELP IN MANY WAYS INCLUDING FOR TRANSFER PRICING AND PRICING.

IT IS ESSENTIAL AT PRESENT SCENARIO COST AUDIT SHOULD MADE MANDATORY FOR ALL INDUSTRIES INCLUDING SERVICE SECTOR,BANKING AND INSURANCE AND FINANCIAL INSTITUTIONS INORDER SUSTAIN IN GLOBAL MARKET.GOVT. MAY INSIST THE ICWA INSTITUTE TO RELEASE COST ACCOUNTIN STANDARDS,WHICH WILL HELP THE INDUSTRY THE NORMS TO BE FOLLOWED IN CALCULATING THE COST.NO INDUSTRY CAN FLURISH WITHOUT PROPER METHODS OF COSTING. THESE STANDARDS WILL HELP IN MANY WAYS INCLUDING FOR TRANSFER PRICING AND PRICING.

IT IS ESSENTIAL AT PRESENT SCENARIO COST AUDIT SHOULD MADE MANDATORY FOR ALL INDUSTRIES INCLUDING SERVICE SECTOR,BANKING AND INSURANCE AND FINANCIAL INSTITUTIONS INORDER SUSTAIN IN GLOBAL MARKET.GOVT. MAY INSIST THE ICWA INSTITUTE TO RELEASE COST ACCOUNTIN STANDARDS,WHICH WILL HELP THE INDUSTRY THE NORMS TO BE FOLLOWED IN CALCULATING THE COST.NO INDUSTRY CAN FLURISH WITHOUT PROPER METHODS OF COSTING. THESE STANDARDS WILL HELP IN MANY WAYS INCLUDING FOR TRANSFER PRICING AND PRICING.

IT IS ESSENTIAL AT PRESENT SCENARIO COST AUDIT SHOULD MADE MANDATORY FOR ALL INDUSTRIES INCLUDING SERVICE SECTOR,BANKING AND INSURANCE AND FINANCIAL INSTITUTIONS INORDER SUSTAIN IN GLOBAL MARKET.GOVT. MAY INSIST THE ICWA INSTITUTE TO RELEASE COST ACCOUNTIN STANDARDS,WHICH WILL HELP THE INDUSTRY THE NORMS TO BE FOLLOWED IN CALCULATING THE COST.NO INDUSTRY CAN FLURISH WITHOUT PROPER METHODS OF COSTING. THESE STANDARDS WILL HELP IN MANY WAYS INCLUDING FOR TRANSFER PRICING AND PRICING.

IT IS ESSENTIAL AT PRESENT SCENARIO COST AUDIT SHOULD MADE MANDATORY FOR ALL INDUSTRIES INCLUDING SERVICE SECTOR,BANKING AND INSURANCE AND FINANCIAL INSTITUTIONS INORDER SUSTAIN IN GLOBAL MARKET.GOVT. MAY INSIST THE ICWA INSTITUTE TO RELEASE COST ACCOUNTIN STANDARDS,WHICH WILL HELP THE INDUSTRY THE NORMS TO BE FOLLOWED IN CALCULATING THE COST.NO INDUSTRY CAN FLURISH WITHOUT PROPER METHODS OF COSTING. THESE STANDARDS WILL HELP IN MANY WAYS INCLUDING FOR TRANSFER PRICING AND PRICING.

Cost audit should been done for every listed company in spite in which industry it is working. This will benefit the economy as a whole. In Income Tax Audit the Government is also insisting to have quantitative figures for raw material consumption and production as well. For all sorts of audit like Tax Audit, VAT Audit cost audit should be a benchmark

Sir, I would like to know whether there is going to be any Govt. regulation relating to the appointment of cost auditor in the manufacturing or other industries?If there is any possibility of that when will it be going to be applicable?Yours faithfullyRommo Mitra

Mere passing an ICWAI course is not enough to drive an esteemed organisation in this era. Because companies are looking real managers but not ICWAIs or MBAs. Its like having driving licence may or may not, but we should be known how to drive a vehicle!

This is an wellcoming news for cost accounts.If scope inreses there is a chance of to grow in this Cost accounts feild.

This is a welcome decision by Ministry of Corporate Affairs, as it will improve the effeciency of indian industry in long run. Simulataneously, It will be in the intrest of Govt. revenue also. Furthermore, This audit may be made a annual audit covering all manufacturing industries like financial audit. Suggestion to Management for improved utilisation of resources of Comapany may also be under the ambit of this audit. Industry association may take in the right perspective as a management tool for becoming more competative in the globalised scenario rather than a burden. All compliances regulate system with a view of betterment. May be seen as apositive move.S K CHaudhary M.Com., AICWA, ACS, Ca(FIN.)ASST MNGR FIN NMDC LTD

The premier institute ICWAI should change its nomenclature ICWAI to ICMAI. Because Cost Accountants are known as MANAGEMENT ACCOUNTANT all over the world. In U.K and USA we the same professionals are treated as MANAGEMENT ACCOUNTANTS.

The premier institute ICWAI should change its nomenclature ICWAI to ICMAI. Because Cost Accountants are known as MANAGEMENT ACCOUNTANT all over the world. In U.K and USA we the same professionals are treated as MANAGEMENT ACCOUNTANTS.

OUR INSTITUTE SHOULD LOOK INTO THIS MATTER. I HOPE THIS WILL INCREASE THE VALUE OF COST ACCOUNTANT IN MARKET WHAT WE DESERVE AS A PROFESSIONAL BUT COULD NOT GET.

OUR INSTITUTE SHOULD LOOK INTO THIS MATTER. I HOPE THIS WILL INCREASE THE VALUE OF COST ACCOUNTANT IN MARKET WHAT WE DESERVE AS A PROFESSIONAL BUT COULD NOT GET.

OUR INSTITUTE SHOULD LOOK INTO THIS MATTER. I HOPE THIS WILL INCREASE THE VALUE OF COST ACCOUNTANT IN MARKET WHAT WE DESERVE AS A PROFESSIONAL BUT COULD NOT GET.

OUR INSTITUTE SHOULD LOOK INTO THIS MATTER. I HOPE THIS WILL INCREASE THE VALUE OF COST ACCOUNTANT IN MARKET WHAT WE DESERVE AS A PROFESSIONAL BUT COULD NOT GET.

OUR INSTITUTE SHOULD LOOK INTO THIS MATTER. I HOPE THIS WILL INCREASE THE VALUE OF COST ACCOUNTANT IN MARKET WHAT WE DESERVE AS A PROFESSIONAL BUT COULD NOT GET.

OUR INSTITUTE SHOULD LOOK INTO THIS MATTER. I HOPE THIS WILL INCREASE THE VALUE OF COST ACCOUNTANT IN MARKET WHAT WE DESERVE AS A PROFESSIONAL BUT COULD NOT GET.

Cost audit is very vital for all sector of business. It gives the true pichture of performance,efficiency of business. Area of Cost audit should be widen, As for competion in business is so fierence, it is important how company utilise thier capital,how effictive uses their peple,asset

Cost audit is very vital for all sector of business. It gives the true pichture of performance,efficiency of business. Area of Cost audit should be widen, As for competion in business is so fierence, it is important how company utilise thier capital,how effictive uses their peple,asset

Definitely this move will help the nation in gaining more econonmic advantage especiaaly in the era of stiff competion and globalisation.It seems that finally the Government has taken the pricing and costing issues seriously and is aware of the importance of cost control which will be an ingredient in controlling the rising inflationary trend in the country.Moreover the Cost

Definitely this move will help the nation in gaining more econonmic advantage especiaaly in the era of stiff competion and globalisation.It seems that finally the Government has taken the pricing and costing issues seriously and is aware of the importance of cost control which will be an ingredient in controlling the rising inflationary trend in the country.Moreover the Cost

It is a good move to control corporate expenses

It is a good move to control corporate expenses

I woould like to inform you, the above comment and discuss the new cost formula for manufacturer company is very nice. I want the new formula list and metirials

I woould like to inform you, the above comment and discuss the new cost formula for manufacturer company is very nice. I want the new formula list and metirials

I woould like to inform you, the above comment and discuss the new cost formula for manufacturer company is very nice. I want the new formula list and metirials

hallo sir,if i complete the traning from accountant it's valid for articleship.

hallo sir,if i complete the traning from accountant it's valid for articleship.

Expansion of Cost Audit to all manufacturing industries as well as Service industries (Banking, Housing Finance, Insurance, Education etc.) is an imminent need - It is long overdue. Should have done simulataneously with the Economic Reforms measures of early nineties.

cost audit is indeed necessary in every type of organisation for all purposes.statutory audit is exist for name shake .it has never achieved the goal set.specifically ,in private firms/co,this is a way to show manupulated accounts.generally the shareholder holding a significant portion of voting right becomes part of management.statutory auditor has togives report to management ultimately.the loser sider is general public as well as govt. cost sesitivity is almost non-existent in govt.

A very good article by Mr. pankaj Doval on the 'expected' scope of Cost Audit. Whensoever there is any article on cost audit, it always say that some persons oppose the expansion of cost audit on the plea that it increases the cost of compliance. I request all these so called Professional/Association persons to check the data and do Cost Benefit Analysis before commenting on the scope of Cost Audit. Wherever there is cost audit, the statutory compliance with regard to Excise Matters/ VAT Matters, Income Tax Matters(Inventory Valuation) is done automatically as the cost auditor has to check these details. Not only this, the control on wastages is exercised automatically as only the Cost Auditor digs into the data to check the ratios of consumption/wastages etc.The MCA has appointed a committee to look into the matter of expansion the scope of Cost Audit. We request MCA to include some experts from Excise Department, Services Tax, Income Tax Department(For Inventory Valuation Matters)and Anti-Dumping Departments to have their views for applicability of Cost AuditRegards,Navneet Kumar Jainnavneetic@yahoo.com

This is a good move by the government

The reasoning behind the review and possible redrawing or expansion of the list is that India needs to have cost audit data on various industries in the wake of heightened economic activity and also at a time when it is entering into free-trade agreements (FTAs). “The triggers for review include the increased focus on FTAs, to help CCI check predatory pricing and anti-competitive practices, and to verify proper segment reporting,” the source added. Institute of Cost and Works Accountants of India president Chander Wadhwa endorses the ministry’s proposed move. However, others oppose expanding the list, arguing it would only regulate the corporate sector further and increase the cost of compliance. New Delhi, Aug 24 Companies in the services sector and all listed manufacturing companies may soon have to hire cost accountants under a new formula being worked out by the government to beef up the role of corporate cost audits. According to sources in the ministry of corporate affairs, an internal committee has been formed to look into reviewing the list of industries covered under mandatory cost audit by identifying new threshold levels. The new determinants could be based on turnover, capital base, ownership, level of public holding or even debt exposure in a company or industry, sources said. A cost audit is the process of ascertaining whether the production, marketing and sales processes, as

It is good that "FE" is updating the professionals with latest news.

It is wrong to say that cost audit is an internal phenomenon in thenature of internal audit its focus is all encompassing and reviewsof the bottomlines and addresses the issues related to taxation andcorporate governance from user perspective for sustenance andgrowth.It is a definitive methodology for assessment of resourceconsumption and efficiency benefits in pricing decision from userperspective plans a decision support for growth and sustenance andhelps the government in inclusive growth objectives by augmentingrevenue through taxes and optimum usage of capital.Intenral audit have a focus on internal control and risk assessmentand supplements the work of a cost auditor by identifying the flowand risk involved in maintaining a particular flow or allowingdeviation discretion.Cost accounting and audit scrutiny of costrecords enable identify the impact of the risk carried by theundertaking in a particular flow it reflects the signal of shakywicket the business is travelling through suboptimisation.Internalaudit scheme is essential and in addition to audit scrutiny offinancial and cost records and cost accouting record rulesspecifically provides on the requirement of cost auditors commentson the existing internal audit system of cost records and suggestionfor improvement.

It is wrong to say that cost audit is an internal phenomenon in thenature of internal audit its focus is all encompassing and reviewsof the bottomlines and addresses the issues related to taxation andcorporate governance from user perspective for sustenance andgrowth.It is a definitive methodology for assessment of resourceconsumption and efficiency benefits in pricing decision from userperspective plans a decision support for growth and sustenance andhelps the government in inclusive growth objectives by augmentingrevenue through taxes and optimum usage of capital.Intenral audit have a focus on internal control and risk assessmentand supplements the work of a cost auditor by identifying the flowand risk involved in maintaining a particular flow or allowingdeviation discretion.Cost accounting and audit scrutiny of costrecords enable identify the impact of the risk carried by theundertaking in a particular flow it reflects the signal of shakywicket the business is travelling through suboptimisation.Internalaudit scheme is essential and in addition to audit scrutiny offinancial and cost records and cost accouting record rulesspecifically provides on the requirement of cost auditors commentson the existing internal audit system of cost records and suggestionfor improvement.

It is wrong to say that cost audit is an internal phenomenon in thenature of internal audit its focus is all encompassing and reviewsof the bottomlines and addresses the issues related to taxation andcorporate governance from user perspective for sustenance andgrowth.It is a definitive methodology for assessment of resourceconsumption and efficiency benefits in pricing decision from userperspective plans a decision support for growth and sustenance andhelps the government in inclusive growth objectives by augmentingrevenue through taxes and optimum usage of capital.Intenral audit have a focus on internal control and risk assessmentand supplements the work of a cost auditor by identifying the flowand risk involved in maintaining a particular flow or allowingdeviation discretion.Cost accounting and audit scrutiny of costrecords enable identify the impact of the risk carried by theundertaking in a particular flow it reflects the signal of shakywicket the business is travelling through suboptimisation.Internalaudit scheme is essential and in addition to audit scrutiny offinancial and cost records and cost accouting record rulesspecifically provides on the requirement of cost auditors commentson the existing internal audit system of cost records and suggestionfor improvement.

It is wrong to say that cost audit is an internal phenomenon in the nature of internal audit its focus is all encompassing and reviews of the bottomlines and addresses the issues related to taxation and corporate governance from user perspective for sustenance and growth.It is a definitive methodology for assessment of resource consumption and efficiency benefits in pricing decision from user perspective plans a decision support for growth and sustenance and helps the government in inclusive growth objectives by augmenting revenue through taxes and optimum usage of capital.