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Dey Deshmukh Nevin & Associates LLP Cost Accountants A COMPLETE SOLUTION Behind Every Successful Business Decision, There is always a CMA.

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Presentation on theme: "Dey Deshmukh Nevin & Associates LLP Cost Accountants A COMPLETE SOLUTION Behind Every Successful Business Decision, There is always a CMA."— Presentation transcript:

1 Dey Deshmukh Nevin & Associates LLP Cost Accountants A COMPLETE SOLUTION Behind Every Successful Business Decision, There is always a CMA

2 Dey Deshmukh Nevin & Associates LLP, team of Practicing Cost Accountants, registered with The Institute of Cost Accountants of India and with MCA with Offices at Major cities in India managing by experienced Cost Accountants who are vest with diversified knowledge and exposure in the filed of Cost and Management Accountancy, Taxation, Finance & Auditing. Our team members comprises Experienced Cost Accountants, CAs, CSs, MBAs & Chartered Engineers. We Committed our experience and skill to provide high quality professional service to the clients with commitment to the highest standards of ethics and integrity. We are specialised in Cost Audit and Cost Compliance Certification and maintenance of Cost Records as per CAAR 2011 Vision "To be one of Indias leading Professional services firm and to provide maximum value to its clients. Mission "To be best in class, multifaceted accounting firm bounded by Code of Ethics, delivering clients best affordable services with assurance of professional integrity. Respect We are committed to a philosophy of mutual respect, in our dealings with clients, people and all our stakeholders. Integrity We are committed to integrity in our efforts, in our commitments to clients and our people, and in our conduct provide high quality professional services to the clients.

3 We understand our clients and there Presentation requirement in Financial Statement We provide user friendly Service We are value leader in the field of Cost and Management Accountancy We provide services all cross India through our Branch offices situated in major cities and managing by senior most CMAs OUR CORE SERVICES INCLUDES Cost Audits and Cost Compliance certification as per C.A.R. Rule 2011 Issued by MCA Certificate of Cost of production of captive consumed goods as per Rule 8 of Central Excise Act, 1944 Certificate for Average Cost of transportation as per Rule 5 of the Central Excise Valuation Rule 2000 Other various certification under Excise, Custom, DGFT etc Revenue Assurance Audit and Regulatory Audits Special Audits under Central Excise, Custom & Service Tax Acts VAT / Sales Tax Audit and Other Sales Tax Consultancy Financial Accounting/Book keeping Outsourcing Services Conversion of Financial Statement from Indian GAAP into IFRS & US GAAP. Risk Management Direct & indirect Tax Services : Return Filling, Assessment, Settlement,etc. XBRL filling with MCA Special Assignment related to cases with ROC, SEBI, Tax Authorities Company secretarial works related to filling of annual return with ROC, company formation, etc Business Finance Advisory: act as intermediary to facilitate Bank Finance and L/c & Bills Discounting

4 Dey Deshmukh Nevin & Associates LLP J-85, Sriniwaspuri, New Delhi / Delhi & NCR Ashish Dey Noida Aravalli Apartment, Sector-52, Noida Shilpi Goyal Pune Flat:10, Build A-12, New SKF Colony, Chinchwadgaon, Pune-33 Ashish Deshmukh Mumbai A/906, Bhoomi Hills Chs Ltd., Thakur Village, Kandavali (E), Mumbai-101 Shanker Chaudhary Chennai Dr Natesan Road, 1stLane, Triplicane,Chennai-05 John D Nevin DhanbadRaipurKolkata Branch Offices Head Office Ahmedabad 170/B, ONGC, CISF Colony, Western Sector, ChandKhera Ahmedabad-05, Gujrat Shivani Dhoble Associate Offices

5 MANDADORY COST COMPLIANCE ORDER GSR No. 429 (E) dated 3rd June, 2011 prescribing The Companies (Cost Accounting Records) Rules, 2011 : Applicable for all Companies Whose Aggregate value of Net Worth > Rs 5 crores, OR Aggregate value of turnover > Rs 20 Crs, OR Equity/Debt securities listed in Stock Exchange GSR No. 429 (E) dated 3rd June, 2011 prescribing The Companies (Cost Accounting Records) Rules, 2011 : Applicable for all Companies Whose Aggregate value of Net Worth > Rs 5 crores, OR Aggregate value of turnover > Rs 20 Crs, OR Equity/Debt securities listed in Stock Exchange Procedure for Cost Compliance certificate 1)Every companies CAR applicable must submit cost compliance certificate along with Annual return with MCA. 2)In the prescribed form 3)Duly certified by Cost Accountant 4)In respect of each of the FY commencing on or after 1 st April 2011 Procedure for Cost Compliance certificate 1)Every companies CAR applicable must submit cost compliance certificate along with Annual return with MCA. 2)In the prescribed form 3)Duly certified by Cost Accountant 4)In respect of each of the FY commencing on or after 1 st April 2011

6 Cost Audit Order dated 2 nd May 2011 MANDATORY COST AUDIT Order No. F. No. 52/26/CAB/2010, dt. 2 nd May 2011 for Cost Audit by all Companies in 8 Groups of Regulated Industries. Period of Reporting- Each of the FY commencing on or after the 1 st April, 2011 MANDATORY COST AUDIT Order No. F. No. 52/26/CAB/2010, dt. 2 nd May 2011 for Cost Audit by all Companies in 8 Groups of Regulated Industries. Period of Reporting- Each of the FY commencing on or after the 1 st April, Industries Covered Bulk Drugs Formulation Fertilizers Sugar Industrial Alcohol Electricity Petroleum Telecommunication Criteria Aggregate value of Net Worth > Rs 5 crores, OR Aggregate value of turnover > Rs 20 Crs OR Equity/Debt securities listed in Stock Exchange

7 Cost Audit Order dated 3 rd May 2011 Subsequently modified on 30 th June 2011 Cost Audit Order dated 3 rd May 2011 Subsequently modified on 30 th June 2011 MANDATORY COST AUDIT Order No. F. No. 52/26/CAB/2010, dt. 3 rd May 2011 ( subsequently modified on 30 th June 2011 ) for Cost Audit by all Companies in 6 Groups of Industries. Period of Reporting- Each of the FY commencing on or after the 1st April, 2011 MANDATORY COST AUDIT Order No. F. No. 52/26/CAB/2010, dt. 3 rd May 2011 ( subsequently modified on 30 th June 2011 ) for Cost Audit by all Companies in 6 Groups of Industries. Period of Reporting- Each of the FY commencing on or after the 1st April, Industries Covered Cement Tyres & Tubes Steel Plants Steel Tubes & Pipe Paper Insecticides Glass Paints & Varnishes Aluminum Criteria Aggregate value of turnover > Rs 100 Crs OR Equity/Debt securities listed in Stock Exchange

8 Cost Audit Order dated 24 th January 2012 MANDATORY COST AUDIT Order No. F. No. 52/26/CAB/2010, dt. 24th January 2012 for Cost Audit by all Companies in 9 Groups of Industries. Period of Reporting- Each of the FY commencing on or after the 1 st April, 2012 MANDATORY COST AUDIT Order No. F. No. 52/26/CAB/2010, dt. 24th January 2012 for Cost Audit by all Companies in 9 Groups of Industries. Period of Reporting- Each of the FY commencing on or after the 1 st April, Industries Covered Jute, Cotton, Silk, Woolen or Blended Fibers/Textiles Edible Oil Seeds and Oils(including vanaspati) Packaged Food Products Organic & Inorganic Chemicals Coal & Lignite Mining & Metallurgy of Ferrous & Non- Ferrous Metals Tractors & other Motor Vehicles(incl. automotive components) Plantation Products. Engineering Machinery (incl.Electrical & Electronic products) Criteria Aggregate value of turnover > Rs 100 Crs OR Equity/Debt securities listed in Stock Exchange

9 Cost Audit Order dated 6 th November 2012 From FY , Industries producing/processing followings products also covered under the cost audit : Sl no.Name of the Product or Activity GroupSl no.Name of the Product or Activity Group 1Sugar and Sugar Products19National long distance services 2Molasses20International long distance Services 3Ethyl Alcohol and other Spirits21Public mobile radio trunk services 4Petroleum Oils Crude22Global mobile personal communication services 5Petroleum Oils Refined23Passive telecom infrastructure and tower facilities 6Petroleum Gases and other Gaseous Hydrocarbons24Cable landing stations 7Other Petroleum Products25Broadcasting and related services 8Electrical Energy26Other communication services not elsewhere specified 9Bulk Drugs27Transmission or distribution of electricity 10Pharmaceutical Products28Meat and Meat Products 11Animal or Vegetable Fertilizers29Marine Products 12Mineral or Chemical Fertilizers Nitrogenous30Milk and Milk Products 13Mineral or Chemical Fertilizers Phosphatic31Poultry and Related Products 14Mineral or Chemical Fertilizers Potassic32Bee Products 15Mineral or Chemical Fertilizers-Other33Vegetables 16Basic telephone services wired and WLL34Fruits and Nuts 17 Cellular mobile telephone services wireless and WLL 35Coffee and Coffee Products 18Internet and broadband services36Tea and Tea Products

10 37Spices processed or unprocessed68Lubricating Preparations 38Cereals, Flour and Product of Cereals69Waxes and Wax Products 39Oil Seeds and Products of Oil Seeds70Explosives 40Other Seeds and Plants71Fireworks, Matches and Combustible Materials 41Vegetable Saps or Products72Photographic and Cinematographic Goods 42Animal or Vegetable Fats and Oils73Insecticides 43Sugar Confectionery or Chocolates74Chemicals Plastics and Polymers 44Cocoa Products75Articles of Plastics and Polymers 45Prepared Food Products76Rubber and Rubber Products 46Mineral Water and Aerated Drinks77Rubber Tyres and Tubes 47Alcoholic Beverages78Raw Hides, Skins and Leather 48Vinegar79Leather Products 49Food Residues or Prepared Animal Feed80Wood and Wood Products 50Unmanufactured and81Pulp of Wood and other substances 51Tobacco Products82Newsprint 52Mineral Products83Paper and Paperboard 53Cement84Articles of Paper and Paperboard 54Mineral Fuels (other than Petroleum)85Silk 55Chemical Elements86Silk Yarn 56Inorganic Chemicals and their Derivatives87Silk Fabrics 57 Organic Chemicals and their Derivatives (excluding Bulk Drugs) 88Wool 58 Albuminoidal Substances,Starches, Glues and Enzym es 89Wool Yarn 59Miscellaneous Chemical Products90Wool Fabrics 60Tanning Substances91Cotton 61Colours, Dyes and Pigments92Sewing Thread 62Paints and Varnishes93Cotton Yarn 63Inks and Colours94Cotton Fabrics 64Plasters and Fillers95Other Textile Yarns or Fibers 65Essential Oils96Other Textile Fabrics 66Personal Care Products97Synthetic Yarns or Fibers 67Soaps, Detergents and Cleaning Agents98Synthetic Fabrics

11 99Carpets and textile floor coverings128Batteries and Accumulators 100Other Textile Fabrics or Products129Electrical and Electronic Equipments or Appliances 101Knitted or Crocheted Fabrics130Railway Rolling Stock 102Apparel and Clothing131Parts of Railway Rolling Stock 103Furnishings132Railway Track Fixtures and Fittings 104Footwear and Parts thereof133Containers 105Headgear and Parts thereof134Commercial Vehicles (3 or more wheels) 106 Articles of Stones, Plaster, Cement, Asbestos and Mica 135Passenger Vehicles (4 or more wheels) 107Ceramic Products136Parts and Accessories of Vehicles 108Glass and Glass Products137Passenger Vehicles (2 and 3 Wheelers) Motorised 109Pearls, Diamonds, Stones and Jewellery Articles138Passenger Vehicles (2 or 3 Wheelers) Non Motorised 110Primary Ferrous Materials139Nonpowered Aircraft and parts thereof 111Iron and NonAlloy Steel140Aircraft, Spacecraft and parts thereof 112Stainless Steel141Parachutes and Rotochutes 113Other Alloy or NonAlloy Steel142Ships and Boats 114Steel Products143Floating Structures 115Copper and Copper Products144Optical Equipments and parts thereof 116Nickel and Nickel Products145Photographic or 117Aluminium and Aluminium Products146Cinematographic Equipment and parts thereof 118Lead and Lead Products147Measuring Instruments and parts thereof 119Zinc and Zinc Products148Surgical or Medical Instrument and parts thereof 120Tin and Tin Products149Clocks or Watches and Parts thereof 121Other Base Metals and their Products150Musical Instruments and Parts thereof 122Hand Tools151 Medical or Vehicular or other Furniture and Mattress and parts thereof 123Nuclear Reactors and Accessories152Lights and Fittings 124Boilers and Accessories153Prefabricated Buildings 125Engines or Motors and parts thereof154Toys, games and sports Equipments 126Machinery and Mechanical appliances155Stationery Items 127 Electric Motors, Generators,Transformers and Parts thereof 156Miscellaneous manufactured articles

12 1. Appointment of Cost Auditors The Audit Committee of the company shall be the first point of reference regarding the appointment of Cost Auditors. The Cost Auditor has to be appointed by company within 90 days from the date of commencement of each financial year by fling FORM 23C with the Central Government on Ministry of Corporate Affairs Portal. On Filing the application, the same shall be deemed to be approved by the Central Government, unless contrary is heard within 30 days from the date of filing such application. 2. The Companies (Cost Audit Report) Rules, 2011 was notified by Ministry of Corporate Affairs on June 3rd, 2011 stating the revised rules for Cost Audit Report and in supersession of the Cost Audit Report Rules, The cost audit report submitted on or after April 1st, 2012, irrespective of the financial year of the company to which it relates, shall be in the form prescribed under these rules. 3. The Annexure prescribed with the cost audit report shall be approved by the Board of Directors before submitting the same to the Central Government by the cost auditor. The Annexure, duly audited by the cost auditor, shall also be signed by the Company Secretary and at least one Director on behalf of the company. In the absence of Company Secretary in the company, the same shall be signed by at least two Directors. 4. A cost accountant in full time practice or a firm of cost accountants appointed for conducting cost audit of a product/activity of a company is eligible to also authenticate the Compliance Report of the Company in respect of Companies (Cost Accounting Records) Rules 2011

13 5. A company coming under the purview of the Cost Audit for the first time, the cost auditor shall mention figures for the previous year (s) certifying by means of a note that the figures so stated are on the basis of information furnished by the management, for which he has obtained a certificate from them. 6. Cost Audit Report is to be prepared for the company as a whole in respect of the product/activity coming under cost audit. 7. Ministry of Corporate Affairs has issued the following revised Cost Accounting Record Rules vide notification dated December 7th, 2011 The Cost Accounting Records (Telecommunication Industry) Rules, 2011 The Cost Accounting Records (Sugar Industry) Rules, 2011 The Cost Accounting Records (Pharmaceutical Industry) Rules, 2011 The Cost Accounting Records (Petroleum Industry) Rules, 2011 The Cost Accounting Records (Fertilizer Industry) Rules, 2011 The Cost Accounting Records (Electricity Industry) Rules, Name and Details of Cost Auditor is compulsory in Annual Report. 9. CARO disclosure in Statutory Audit Report is mandatory in regards to cost accounting records maintenance.

14 Ashish Dey B.Com(H), ACMA,CMA(USA),DIFRS CEO & Partner HO : J-85, Sriniwaspuri, New Delhi , India : / : / , Any Query Give us Chance to Serve You You


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