lex koterie

Cost Audit and Compliance Report

Assurance over information in Financial Statements help to navigate complexity & brings transparent information to investors & stakeholders.

Standard Costing & Budgetary Control
Standard Decision

With an ever-increasing need for determining the accurate cost particulars of a product to arrive at the correct profitability, meeting the compliance requirements prescribed under the Companies Act has become equally important. Lex Koterie LLP, with a dedicated and qualified team to handle the Cost Audit and related Compliances, we offer our professional assistance with regard to the following:

  • Cost Audit to ascertain the accuracy of the cost accounting records to ensure that the same are in conformity with Cost Accounting Principles, plans, procedures and objective;
  • Maintenance of Cost Records in terms of Companies (Cost Records and Audit) Rules, 2014;
  • Internal Audit, Operational Audit and Management Audit as per the specific needs of the management;
  • Cost Study and Analysis in order to determine the specific elements of cost associated with a brand, product, pack, customer, channel or region and analyzing the same to arrive at the desired results;
  • Stock valuation as per the prescribed methods and regulations under the CAS-4;
  • Transfer pricing CAS-4 Certificate for captive consumption;
  • XBRL filing of Cost Audit Report;
  • Determining the costing of product, channel or brand to meet the specific management decision making requirement of the Company;
  • Budgeting and MIS;
  • Management Consultancy Services.
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We also advise clients on how to effectively navigate the myriad of tax, and regulatory issues in cross- border transactions to help manage compliance risks and potentially enhance returns.

Our goal is to minimize your business and personal tax exposure by means of legitimate planning and keeping you aware of the changing requirements of the taxation system in India and abroad.

Types of Cost Audit
Discussing cost of construction
Benefits of Cost Audit

Top Management

  • Cost audit helps in the detection of errors and frauds.
  • The management gets correct and reliable data based on which they can make day-to-day decisions like price fixation.
  • It helps in cost control and cost reduction.
  • It assists the system of standard costing and budgetary control.
  • It helps the management in inter-unit / firm comparison.
  • It enables the management to identify loss making propositions.

To Shareholders

  • Cost audit reveals whether any of the products of the company are making losses. Thus though the company making an overall profit a loss making line may eat up the company’s profits. This is brought to the notice of the shareholders and the management is forced to take remedial measures, thereby making optimum utilization of resources.
  • Cost audit ensures that the shareholders get a reasonable return on their investments.

To Government

  • It helps in the identification of sick units and enables the Government to make significant decisions.
  • It helps in fixing prices in the case of essential commodities and checking undue profiteering.
  • It enables to take decisions as to granting of subsidies, incentives and safeguard to various industries.
  • It helps to take decisions as to levies, duties, and taxes.

To the Society

  • Cost audit enables the Government to fix prices of essential commodities. This protects the interests of society.
  • Cost audit enables the Government to keep a check on undue profiteering by the manufacturers and avoids non-natural price rise due to monopolistic tendencies.

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