Cost Records
Designing Costing systems, Profit centers, Cost Centers, etc.
Preparation & Guidance for Maintenance of Cost Accounting Records prescribed under the Companies (Cost Records and Audit) Rules 2014
Advisory for product cost, sale price determination, and product mix decision.
Cost reduction and its control, Cost efficiencies, and Total cost Management.
Implementation of Costing/Controlling Modules under the ERP system.
Study of Cost Data & Systems under ERP environment.
Cost Reduction & Profit Improvement Program
Cost Audit
As per Companies (Cost Records and Audit) Rules, 2014, the class of companies which also include foreign companies, are required to maintain “Cost Records”. Cost accountant in practice may assist the company to maintain the Cost Records as per the Companies (Cost Records and Audit) Rules, 2014.
Cost Audit is a critical review undertaken to verify the correctness of Cost Accounts and to check that cost accounting principles and planning have been efficiently followed. Cost Records and Audit has been our forte. Our clients include MNCs and listed companies in the various industries ranging from Pharmaceuticals, Chemicals, Construction, Real Estate, Telecommunications, Plastics & Polymers, Hospitals, Education Sector, Engineering Goods, FMCG, Steel, Petroleum, Ports, Power Generation & Distribution, Medical Devices, Textiles, Insecticides and many more Cost Audit under Section 148(2) of the Companies Act 2013
XBRL filing of Cost Audit Report with MCA Portal
Cost Compliance Report
Cost Certificate Services
Management Audit, Internal Audit & MIS layouts
Voluntary Cost & System Audit
Product Costing & Product Profitability
Cost control & reduction
Make or Buy decisions
Costing analysis in multi-product & multi location companies
Income Tax Service
Filing of Income tax.
e-Filing of TDS returns.
Tax Planning for Corporate and others.
Tax Refunds.
Consultancy on Tax Planning & Savings.
Advising on Income Tax Planning of Corporate.
Claim refund from income tax.
Expertise in complicated direct tax assessments.
GST Services
Registration
GST Audits and Certification
Return Filing and Review
Compliances
Refunds
E-way bill
Certification
Company Law & LLP Matters
Registration of companies and advisory of choosing the legal form of a company.
Registration of partnership companies, wholly owned subsidiary companies, joint venture companies.
Annual Filing with Registrar of Companies (ROC).
Secretarial Matters including share transfers.
Change of Name, Objects, Registered Office, etc.
Providing local representative and virtual office services.
Import export code registration.
Liquidation, bankruptcy and insolvency laws.
Statutory filings under various corporate laws.
Corporate finance.
Due diligence.
Inventory & Stock Audit
Stock Audit or Inventory Audit Services in India by a team of qualified professionals. Stocks /Inventory and physical assets such as raw materials are important real assets and need regular watch & monitoring.
As a large number of companies are operating across the borders through multiple locations, having multiple branches, outlets, warehouses, some even with various channel partners, ensuring this watch and repeated monitoring is challenge.
We have a team of qualified and expert Stock Auditor(s) which follows a strict audit and reporting mechanism that strives for the best and makes sure that each & every minute aspect of stock is evaluated and findings are reported in a transparent manner to the concerned.
Valuation Services
Business Valuation
Enterprise Valuation
Tangible & Intangible Asset Valuation, Intellectual Property Valuation
Valuation under Income Tax
Valuation under SARFAESI Act, 2002
Purchase Price allocation in accordance with GAAP, IFRS & Ind-As
Arbitration & Litigation support
Distress Asset Valuation
Startup Entities Valuation
Valuation of SME
Valuation of Cyclical Firms
Valuation of Investment Entities
Valuation of Insurance Coverage Valuation under Companies Act
a. Merger / Amalgamation / De-Merger / Arrangement / Re-structuring
b. Issue of Securities
c. Non-cash transactions with Directors
d. Purchase of minority share holding
e. Valuation of assets for submission of report by Company Liquidator for winding up procedure
The Insolvency and Bankruptcy Code, 2016
a. Valuation required under IBC for CIRP & Liquidation
Cost Improvement & Reduction
Advisory for product cost, sale price determination, and product mix decision.
Cost reduction and its control, Cost efficiencies, and Total cost Management.
Designing Costing systems, Profit centres, Cost centers, etc.
Preparation of Cost accounting Records as per Cost record Rules.
Cost Audit Cost Sheets/Management Audit, Internal Audit & MIS layouts.
Inventory & Stock Audit, Operation Audit.
Implementation of Costing/Controlling Modules under the ERP system.
Study of Cost Data & Systems under ERP environment.
Cost Reduction & Profit Improvement Program.
Certification of Cost of Production for Captive consumption (CAS-4)
Certification of Cost of Production for Captive consumption (CAS-4)
Rule 8 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000,
”Where the excisable goods are not sold by the assessee but are used for consumption by him or on his behalf in the production or manufacture of other articles, the value shall be one hundred and ten per cent of the cost of production or manufacture of such goods.”
Now how to calculate this cost of production ? And what is the period?
The Institute of Cost Accountants of India [ICAI] had developed the Cost Accounting Standards, CAS-4 for determining the Cost of Production.
The CBEC in CIRCULAR NO. 692/08/2003-CX, Dated: 13th February, 2003, had clarified that cost of production of captively consumed goods will henceforth be done strictly in accordance with CAS-4.
Type of Organizations and Type of Goods Covered under CAS-4 :
CAS-4 applies to following type of organizations registered with Excise Department if goods manufactured are for captive consumption:
Proprietorship
Partnership Firm
Cooperative Societies
Private/Public Limited Companies
SSI units registered with Excise Department are exempt from payment of excise duty as per registration conditions.
Type of GoodS:
Following type of goods are covered under CAS-4:
Goods manufactured not sold but captively consumed
Goods manufactured partly sold and partly captively consumed
Goods manufactured sold to related party for captive consumption
Attestation/Certification:
The responsibility of preparation of cost sheet is that of the management. After cost sheet has been authenticated by company’s authorized representative, cost accountant in practice has to certify the same as per certificate appended below the cost sheet. Cost accountant shall carry out test checks with reference to books of account, cost records and other records required for the purpose. Records required under Excise relating to receipt, purchases, manufacture storage, sales or delivery of goods inputs, etc may be scrutinized. He should ensure that cost data reflect true and fair view of the cost of production.
Test checks will depend upon the type of organization i.e. covered under maintenance of cost accounts records as required under Section 148 of the Companies Act 2013. Cost accounting records and cost report may be examined and other organisations. In case of organisations covered under above provisions, the Cost Accountant certifying the cost sheet of cost of production for captive consumption shall verify and reconcile the product cost arrived at for certification with that worked out to comply with provisions of Section 148 of the Companies Act, 2013 and cost audit report thereof.
Periodicity of Certification
Monthly
If significant changes in cost or Prices of major materials change frequently and very widely
Quarterly
In all other cases OR As per Excise Dpt. Summons.
Internal Audit
Risk management is a big concern for both audit committees and senior management in corporate internally. Companies today need experienced internal auditors to address concerns in risk management, enhance internal controls, execute business plans and meet governance responsibilities.
Apart from the statutory compliance, internal audits provide a number of important services to company management. These include detecting and preventing fraud, testing internal control, and monitoring compliance with company policy and government regulation. Smaller companies may require these functions even more than large companies. A small business simply cannot afford employee fraud, waste, or a government fine. Establishing an internal audit function provides a vital step in the growth of a small business.
Our experienced audit professionals take a risk-based approach to internal audit with a view to help clients improve performance and operating efficiency. We go beyond traditional fundamentals and add tangible value. We work to build internal audit into a strategic and productive tool in today’s corporate governance environment.
Internal Audit Framework :-
The operation of the internal audit function must comply with the following code:
Formal Charter
Documentation of Reporting Structure
Detailed Testing
Competency
Liasioning with external auditors
Audit committee and the external auditors
Reviewing
Costing in Antidumping Cases
Anti-dumping duties are typically levied when a foreign company is selling an item significantly below the price at which it is being produced. While the intention of anti-dumping duties is to save domestic jobs, these tariffs can also lead to higher prices for domestic consumers.
Dumping is a term used in the context of international trade. It’s when a country or company exports a product at a price that is lower in the foreign importing market than the price in the exporter’s domestic market. Because dumping typically involves substantial export volumes of a product, it often endangers the financial viability of the product’s manufacturer or producer in the importing nation.
XBRL Filling
Samarjeet Singh & Associates providing XBRL Services for conversion of Cost Audit Report and financial statements (i.e. Balance Sheet and Profit & Loss Account) into XBRL which are mandated by MCA for certain class of companies.
XBRL filing of Cost Audit Report:-
A Company Covered required to furnish Cost Audit Report to the Central Government under section 148 of the Act and rule made there under, shall file such report and other documents using the XBRL taxonomy given in Annexure-III for the financial year commencing on or after 1st April, 2014 in e-form CRA-4, specified under the Companies (Cost Records and Audit), 2014.
XBRL filing of Financial Statement:-
Following are the classes of company which are mandatorily required to use Extensible Business Reporting Language (XBRL) for Financial Statement Report with ROC under section 137 of the Act, with the Registrar in e-form AOC-4 XBRL for the financial years commencing on or after 1st April, 2014 using the XBRL taxonomy given in Annexure II to the Rules, namely:-
(i) Companies which are listed with any Stock Exchange in India and their Indian subsidiaries; or
(ii) Companies having paid up capital of rupees 5 crore or above; or
(iii) Companies having turnover of rupees 100 crore or above
XBRL Service Provided by the Cheena & Associates includes:
Mapping and tagging of Cost Audit and financial statements (Balance Sheet and Profit & Loss Account)
Validation for tags and calculations
Creating XBRL instance document for Annual E-filling and Cost Audit E-Filing
Providing XBRL instance document in readable form.
Validate the instance document by using the validation tool on MCA portal
Pre-scrutinize the validated instance tool
Certification and Validation of XBRL Cost Audit Report and Financial Statement
Online Filing XBRL data with ROC (MCA)