Which Rules govern maintenance of cost accounting records and cost audit as per Section 148 of the Companies Act, 2013?

Hie Rakesh, - The Central Government issued Companies (Cost Records and Audit) Rules, 2014 on June 30, 2014. Subsequently, it issued Companies (Cost Records and Audit) Amendment Rules, 2014 on December 31, 2014. The Amendment Rules has introduced certain changes to the original Rules issued on June 30, 2014. The Companies (Cost Records and Audit) Rules, 2014 read with the Amendment Rules 2014 are now applicable and governs the maintenance of cost accounting records and cost audit as per Section 148 of the Companies Act, 2013.

The Central Government issued Companies (Cost Records and Audit) Rules, 2014 on June 30, 2014. Subsequently, it issued Companies (Cost Records and Audit) Amendment Rules, 2014 on December 31, 2014. The Amendment Rules has introduced certain changes to the original Rules issued on June 30, 2014. The Companies (Cost Records and Audit) Rules, 2014 read with the Amendment Rules 2014 are now applicable and governs the maintenance of cost accounting records and cost audit as per Section 148 of the Companies Act, 2013.

The Ministry has issued notification relating to the Companies (Cost Records and Audit) Rules, 2014 under section 148 of the Companies Act, 2013. The last date for filing application for appointment of cost auditor under earlier rules was 30th June, 2014. Keeping this in view the new rules have been notified today. These rules supersede eight sets of rules notified under the Companies Act, 1956. The new rules specify four classes of companies which shall be required to maintain cost records and who will be subject to cost audit. Relevant e-Forms would be made available on the MCA portal shortly. Form 23C and Form 23D are not applicable for filing in relation to appointment of Cost Auditor. Following New Form are been notified pursuant to new Cost Records & Audit rules **Form – CRA-1** – Form in which Cost Records shall be maintained **FORM CRA-2** – Form of intimation of appointment of cost auditor by the company to Central Government **Form CRA-3** – FORM OF THE COST AUDIT REPORT **FORM No.CRA-4** -Form for filing Cost Audit Report with the Central Government The Notification is as follows :- Government of India Ministry of Corporate Affairs Notification New Delhi, 30th June, 2014 G.S.R. 425(E) – In exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section 148 of the Companies Act, 2013 (18 of 2013) and in supersession of Companies (Cost Accounting Records) Rules, 2011; Companies (Cost Audit Report) Rules, 2011; Cost Accounting Records (Telecommunication Industry) Rules, 2011; Cost Accounting Records (Petroleum Industry) Rules, 2011; Cost Accounting Records (Electricity Industry) Rules, 2011; Cost Accounting Records (Sugar Industry) Rules, 2011; Cost Accounting Records (Fertilizer Industry) Rules, 2011 and Cost Accounting Records (Pharmaceutical Industry) Rules, 2011, except as respects things done or omitted to be done before such supersession, the Central Government hereby makes the following rules, namely:- 1. Short title and commencement. ================================ (1) These rules may be called the Companies (cost records and audit) Rules, 2014. (2) They shall come into force on the date of publication in the Official Gazette.

Dear Friend, The Central Government issued Companies (Cost Records and Audit) Rules, 2014 on June 30, 2014. Subsequently, it issued Companies (Cost Records and Audit) Amendment Rules, 2014 on December 31, 2014. The Amendment Rules has introduced certain changes to the original Rules issued on June 30, 2014. The Companies (Cost Records and Audit) Rules, 2014 read with the Amendment Rules 2014 are now applicable and governs the maintenance of cost accounting records and cost audit as per Section 148 of the Companies Act, 2013.