BACA Intellect Series – CRA Edition 4
Cost Audit Report
Dear Professional Colleague
Submission of Cost Audit Report to the Board of Directors
As per Section 148 (5) of the Companies Act, 2013 read with Rule 6(5) of the Companies (Cost Records & Audit) Rules, 2014, the Cost Auditor is required to forward its Cost Audit Report to the Board of Directors of the company within a period of one hundred and eighty days from the closure of the financial year.
Format of Cost Audit Report
As per Rule 6(4) of the Companies (Cost Records & Audit) Rules, 2014, the Cost Auditor is required to submit Cost Audit Report along reservations/ qualifications/ observations/ suggestions, if any, in Form CRA-3.
Examination of Cost Audit Report by the Board of Directors
As per Rule 6(5) of the Companies (Cost Records & Audit) Rules, 2014, the Board of Directors is required to examine Cost Audit report particularly any reservation or qualification contained therein.
Filing of Cost Audit Report with the Central Government
As per Section 148 (6) of the Companies Act, 2013, the Company is required to file a copy of the Cost Audit report, alongwith full information and explanation on every reservation or qualification with the Central Government within a period of thirty days from the date of its receipt.
Form of Filing Cost Audit Report
As per Rule 6(6) of the Companies (Cost Records & Audit) Rules, 2014, the Cost Auditor is to be filed as an attachment to Form CRA-4 alongwith specified fees.
Calling for further information by Central Government
As per Section 148 (7) of the Companies Act, 2013, If, after considering the Cost Audit report and the information and explanation furnished by the company, the Central Government is of the opinion that any further information or explanation is necessary, it may call for such further information and explanation and the company shall furnish the same within such time as may be specified by the Government.
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