Cost Audit & Cost Records
Statutory cost audit and cost records maintenance — two distinct services governed by the Companies (Cost Records and Audit) Rules, 2014, each accepted as a separate, independent assignment.
Cost audit is not just a statutory obligation — it's a window into operational efficiency. Done right, it reveals where your costs are hiding.
— CMA. Basant Das, FCMA
Important — Regulatory Independence
Under the Companies (Cost Records and Audit) Rules, 2014, cost audit and cost records maintenance are mutually exclusive assignments for the same client. A Cost Accountant who maintains the cost records of a company is disqualified from auditing those records, and vice versa. Accordingly, we accept each as a separate, independent engagement — ensuring full compliance with professional independence requirements.
Cost Audit (CRA Rules)
- Applicability Assessment under CRA 2014
- Cost Audit Report in Form CRA-3
- Filing with MCA (Form CRA-4)
- Compliance with Cost Accounting Standards (CAS)
Cost Records Maintenance
- Product-wise Cost Statements
- Cost Centre Accounting Setup
- Overhead Absorption & Allocation
- Reconciliation with Financial Accounts
Cost Accounting Standards
- CAS 1–24 Compliance Review
- Cost Accounting Policy Documentation
- Standard Costing Implementation
- Variance Analysis & Reporting
Industry-specific Expertise
- Manufacturing & Process Industries
- Infrastructure & Construction
- Pharmaceutical & Chemical Sectors
- Power & Energy Companies
Is your company required to get a cost audit?
We'll assess your applicability and handle the entire process.