The Institute of Cost Accountants of India Erode
- Slides: 17
The Institute of Cost Accountants of India Erode Chapter Cost Audit & XBRL 02. 03. 2019 -Saturday - Time 6 -9 pm . Faculty: - CMA R. Gopal MFM, M. Phil. , FCMA Practicing Cost Accountant
GENERAL INFORMATION • • • Corporate identity number, Name of company, Address, Email Current financial year First previous financial year Level of rounding, Reporting currency, Number of cost auditor, Date of board of directors' meeting report has been qualified or has any reservations or contains adverse remarks Consolidated qualifications observations or suggestions Explanation of company related party transactions
Particulars of cost auditor • • • Whether cost auditor is lead auditor Category of cost auditor Firm's registration number Name of cost auditor or cost auditors firm PAN, Address, Email id Membership number Name of member signing report Name of product or industry SRN number of form CRA-2 Number of audit committee meeting Date and place of signing cost audit
Disclosure of cost auditors qualifications or adverse remarks in cost auditors report • • • Disclosure regarding audit of cost records in conformity with Cost Auditing Standards Disclosure relating to availability of information and explanation for purpose of cost audit Disclosure relating to maintenance of cost records as per rule 5 of the companies cost records and audit rules 2014 Disclosure relating to availability of cost records of branches not visited Disclosure regarding availability of information as per companies act 2013 Disclosure relating to adequacy of internal audit of cost records Disclosure relating to true and fair view of cost of production or service cost of sales margin and other information Disclosure relating to availability of audited and certified cost statements and schedules for each unit and each product or service Cost auditors observations or suggestions
Cost accounting policy • • • • Cost accounting policy Disclosure regarding identification of cost centres, cost objects and cost drivers Disclosure regarding accounting for material cost including packing materials, stores and spares, employee cost, utilities and other relevant cost components Disclosure regarding accounting, allocation and absorption of Overheads Disclosure regarding accounting for depreciation or amortization Disclosure regarding accounting for by products, joint products and scraps or wastage Disclosure regarding basis of inventory valuation Disclosure regarding valuation of inter unit or inter company and related party transaction Disclosure regarding treatment of abnormal and non-recurring costs including classification of non-cost items
Product Group Details • Name of product or service • CETA Sub heading of CETA UOM • Whether previous year figures are reported • Details for not reporting previous year figures • Net operational revenue of current year and previous year • Other operating incomes of company • Other incomes of company • Extraordinary income • Turnover as per excise or service tax records
Quantitative Information • For current year and previous year • • • Installed capacity Capacity enhanced, Capacity available Self manufactured, lease, Production as per excise records Domestic purchase Imports Change in stock of finished goods Other qty adjustments (WASTAGES etc. ) Domestic sales / services trading Export notes
RAW MATERIAL current year & previous year Name CETA Nature UOM SUB CETA Quantity Rate Cost of material
UTILITY Current Year and previous year • Description • Unit • Quantity • Rate • cost
INDUSTRY SPECIFIC COST • previous year and current year data • Description • Cost • TEXT
Abridged Cost Statement • • • Cost of process materials, Cost of direct employees Cost of direct expenses, Cost of stores and spares Cost of repairs and maintenance quality control packing (primary & secondary) Cost of research and development Cost of technical knowhow, depreciation, other production overheads WIP Credit for recoveries Cost of FG purchased self or captive Administrative selling interest MARGIN SALES VALUE
Profit reconciliation (for the company as a whole) • PREVIOUS YEAR AND CURRENT YEAR • • • Profit or loss as per cost accounting records Profit (loss) for audited product or services Profit (loss) for unaudited product or services Name of incomes not considered in cost accounts Expenses not considered in cost accounts • • • Difference in stock valuation as per cost and financial Other adjustments Profit (loss) as per financial accounts • Notes to profit reconciliation
Value addition and distribution of earnings • Company as a whole • • • previous year and current year Earnings available for distribution Gross revenue, Export incentives Other incomes Bought out items salaries, wages, dividend Funds retained taxes Extra Ordinary Expences • Other distribution of earnings
Financial position and ratio analysis • Share capital • Fixed assets • • • Capital employed Net worth Financial performance of the company Profitability ratios of the company Other financial ratios of the company Working capital ratios of the company Reserves and surplus net working capital Long-term borrowings
Related Party Transactions • • Name of related party Name of product Nature Code • • CIN PAN • • • AGFREGATE QUANTITY QGGREGATE PRICE AVERAGE PRICE • • Basis adopted OTHER BASIS
Reconciliation Of Indirect Taxes • • • Assesable Value Excise duty Service tax Cess and others Value added tax
Thanks • Query plz • ? ? ?
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