Cost Audit by CMA – A professional service of GST Suvidha Centre
What is Cost Audit by CMA?
A Cost Audit by CMA is an independent examination of cost records and statements kept by a company. It is carried out by a competent Cost and Management Accountant (CMA) to verify accuracy, efficiency, and adherence to the Companies (Cost Records and Audit) Rules, 2014.
At GST Suvidha Centre, our professional CMAs perform cost audits in India for companies in manufacturing, mining, electricity, and service industries.
Why is Cost Audit significant for an organisation?
A Cost Audit by CMA allows management and regulatory authorities to assess the efficiency of cost operations. It also guarantees that cost records meet statutory rules and reflect the correct cost of production and services.
The key benefits of cost audit are:
- Ensures Accuracy of Cost Records
- Transparency in the cost accounting of the business
- To improve cost control and profitability
- Support pricing and budgetary decisions
- Increases Operational Efficiency
- MCA and statutory compliance
- Builds Credibility
- Strengthens internal control in production, inventory, and operational processes
What is the process of conducting a Cost Audit ?
The following procedure is followed while conducting a cost audit by a CMA
- Compilation of cost statements and cost records
- Investigation and verification by CMA
- Discovery of inefficiencies and deviations in cost
- Preparation of Cost Audit Report (CRA-3)
- Submitting the report to MCA within the due date
This structured process ensures accuracy and compliance and provides you with clarity in your financial information.
What documents are required for conducting the Cost Audit?
The following documents are generally required for conducting a cost audit by CMA:
- Cost Records & Cost Sheets
- Cost Accounting Policies & Procedures
- Reconciliation Statements (financial vs cost records)
- Previous Cost Audit Report (if applicable)
- Financial Statements
- Audit Report by the statutory auditor
- GST returns & tax records
- Purchase & sales invoices
- Additional documents as required
What is the process to apply online for the Audit?
GST Suvidha Centre provides professional assistance for conducting a Cost Audit by a certified CMA.
As part of this service, we provide the following:
- Cost Audit Report with certification of all annexures
Process to Avail the Service:
- Book a Consultation (Optional)
Visit our website to schedule a free consultation call if you require guidance before proceeding. - Select and Add the Service to Cart
Choose the Cost Audit by CMA service and add it to your cart. You may opt to proceed directly without a consultation. - Upload Required Documents and Complete Payment
Securely upload all necessary documents on our portal and finalise the process by making the payment. - Back-End Processing by Our Team
Our team will carry out all required procedures and formalities using the documents you have provided. - Completion and Document Handover
Upon completion, we will send the report of your business online.
We ensure 100% compliance and a hassle-free experience with the cost audit of your business.
Can I apply for Cost Audit by CMA of my business near me?
If you are searching for Cost Audit by CMA near you, then you can contact GST Suvidha Centre. It has centres in Bilaspur, Raipur, and other locations around Chhattisgarh and India for both online and offline Cost Audit services.
The online audit consists of:
Review of cost records.
- Analysis of production and operational records
- Validation of all material, labour, and overhead costs
- Creation of CRA-3, Cost Audit Report
Our local experts know the regional industry structure, verify it thoroughly and provide accurate reports as per government rules.
How much will it cost to conduct it for a business?
At GST Suvidha Centre, the charges for cost audit will depend upon the turnover of the organisation. You can select the appropriate option of turnover limit and pay the price accordingly. We offer flexible and affordable plans tailored to your business size and financial operations.
Why should you choose GST Suvidha Centre your business?
- CMAs who are qualified and have experience
- Total adherence to the Cost Audit Rules 2014
- Accurate submission of reports on time
- Audit fees that are reasonably priced
- Security of data disclosure around our company
We are one of the most trusted companies to perform Cost Audit in Bilaspur and across Chhattisgarh and India, working with PSUs, large enterprises and private sector companies.
Frequently Asked Questions:
Q1. What types of companies require a Cost Audit by CMA?
A. Any company prescribed under the Companies (Cost Records and Audit) Rules, 2014. It specifically includes the companies in the manufacturing or energy sectors, or any sector that is considered regulated.
Q2. Who has the ability to carry out a Cost Audit?
A. Only a Cost and Management Accountant (CMA), with a valid Certificate of Practice can carry out a Cost Audit by CMA.
Q3. How does GST Suvidha Centre assist in getting a Cost Audit done?
A. We coordinate with certified CMAs who help you prepare all required cost records and ensure the audit is completed smoothly and accurately.
Q4. How long does a Cost Audit take to complete?
A. The timelines vary based on the complexity and size of your operations, but we ensure the process is carried out efficiently and on schedule with the CMA. It usually takes 2-4 weeks to complete a cost audit.
Q5. What happens if my records are incomplete?
GST Suvidha Centre also assists in preparing and maintaining cost audit records. It helps you organize, correct, and update your cost records before presenting them to the CMA for audit. But this service is chargeable extra.
Q4. What are the penalties for non-compliance?
Any failure to conduct or submit a cost audit report can lead to penalties and legal proceedings under the Companies Act.
Q5. Are Cost Audit reports accepted by government authorities?
A. Yes. A Cost Audit Report issued by a qualified CMA is legally recognised and accepted by regulatory bodies.
If your company has been required to conduct a cost audit by CMA in India, then make sure to contact GST Suvidha Centre today.
Our CMAs experts in Bilaspur and across Chhattisgarh and India will keep you fully compliant through the audit process. You will receive a complete, accurate, and detailed cost audit report and suggestions for improving the performance and cost efficiency of your business.
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