Audit and Assurance
- As a provider of cost audit services under Section 148 of the Companies Act, we understand the importance of maintaining accurate cost records and ensuring compliance with regulatory requirements.
- Our team of seasoned professionals uses advanced tools and techniques to conduct a comprehensive cost audit that verifies the accuracy of cost records and ensures compliance with regulatory requirements.
- We scrutinize every detail of the cost records to unveil discrepancies and validate compliance with regulatory requirements, namely Cost Auditing Standards (CAS), Standards on Cost Auditing (SCA), and Generally Accepted Cost Accounting Principles (GACAP).
- Cost audit under Section 148 of the Companies Act is mandatory for specific classes of companies. Companies that are required to undergo cost audits must comply with the applicable regulations to avoid penalties and legal issues.
- Our services help companies comply with regulatory requirements by providing clients with peace of mind, knowing that they maintain accurate cost records and comply with relevant regulations.
- We assist companies with cost audit requirements in various ways. Firstly, we provide an expert team of professionals who have extensive experience in conducting cost audits.
- Our team uses advanced techniques and tools to ensure that every detail of the cost records is accurate and complies with regulatory requirements.
- We also provide guidance to companies on how to maintain accurate cost records to minimize the risk of penalties and legal issues.
- Moreover, we understand that every company has unique requirements when it comes to cost audit services.
- Therefore, we provide customized services tailored to the specific needs of each company. We work with clients to identify their needs and provide a tailored solution that meets their requirements.
- In conclusion, we are a reliable cost audit service provider under Section 148 of the Companies Act. Our services help companies comply with regulatory requirements and ensure the maintenance of accurate cost records.
- We offer a comprehensive solution that is tailored to the specific needs of each company. Contact us today to learn more about how we can assist you with your cost audit requirements.
THE APPROACH
Planning : The first step is to plan the audit process and understand the company's business model, cost structure, and regulatory requirements. The audit team determines the scope, timelines, and approach of the audit.
Data Collection : The audit team collects data on the company's business and operations, including direct and indirect costs, production processes, inventory levels, and material usage.
Verification : The audit team verifies the accuracy and completeness of the data collected and assesses the effectiveness of the company's internal controls related to cost management.
Analysis : The audit team analyses the data collected to identify cost-saving opportunities and assess the company's cost performance. This includes comparing actual and budgeted costs, identifying cost variances, and determining the root causes of significant variances.
Reporting : The audit team prepares a detailed report summarising the cost audit findings, including recommendations for cost-saving opportunities and areas for improvement. The team also provides Form CRA-3 and its annexures to the company as per regulatory requirements.
Documentation : The audit team documents all steps taken, data collected, and findings throughout the audit process. This documentation provides evidence of the audit work performed and supports the conclusions and recommendations made in the final report. Audit team uses a cloud-based tool to document the work carried out during the cost audit services.
