Cost Audit Report

Under Rule 6(6) of the Companies (Cost Records and Audit) Rules, 2014 every company which is covered under these Rules, is required to furnish to the Central Govt., a copy of the Cost Audit Report, within 30 days of the receipt of the cost audit report by the company, in XBRL format in form CRA4. The cost auditor is required to furnish his report to the company within a period of 180 days from the closure of the financial year to which it pertains and the Board of Directors of the company is required to examine the same. This is provided in Rule 6(5) ibid.

Now vide an amendment to the aforesaid Rules,  where a company has got an extension of time to hold AGM, then the company may file the cost audit report in form CRA4 within the extended time for filing the financial statements.

A proviso has been added to Rule 6(6) as follows:

"Provided that the companies which have got extension of time for holding AGM under section 96(1) of the companies act, 2013 may file form CRA4 within the extended period of filing financial statements under section 137 of the companies act, 2013."

Cost Audit Report in XBRL mode

MCA has mandated vide its circular no. 8/2012 dated 10th May 2012 that all cost audit reports should henceforth filed in XBRL mode including any cost audit reports for the previous years which were not filed. They have therefore given time for the Cost Audit reports to be filed after 30th June 2012 by which time the taxonomy together with the Form I and form A in XBRL format would be ready for submission. a copy of the MCA circular can be found here