Last for Submission of Cost Audit/Compliance Report Extended
Posted Date : 27-Jul-2012 , 07:44:46 am | Posted By NAVNEET KUMAR JAIN Your Rating: NoneAverage : 5.00
Extension in last date of Filing of Cost Audit Reports or Cost Compliance Reports:
Last Date Extended upto 31/12/12
By Navneet Kumar Jain
FCMA, MBA, LL.B., M.COM., PGDTL, LIII., AIIISLA
Normally July to September is the time for finalization of audits especially Financial Audits but with the issue of new notifications issued last year in 2011 on 2nd May, 2011, 3rd May, 2011, 3rd June 2011, 30th June 2011 and 24th June 2012, it has been now made obligatory on the part of the companies specified in the Cost Audit Report Rules or General and Specific Cost Accounting Records Rules to file Cost Compliance Reports or Cost Audit Reports duly approved by the Board of Directors within 180 days from the close of the year.
It means the companies had to file the CCR or CAR for the year 2011-12 by 27th Sep 2012. But keeping in view of the demand of the industry and the non-availability of final XBRL taxonomy, the MCA has issued circular no 18/2012 on 26/7/2012 stating that It has now been decided by the Ministry that all cost auditors and the concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any previous year(s)] with the Central Government in the XBRL mode, without any penalty, upto 31st December, 2012.
The extension of the date by MCA has again provided an opportunity to the companies to finalise the CAR and CCR after having proper reconciliations with Financial Audit Reports. Before finalization of Statutory Financial Audit Reports, the auditors must have a look at the inventory valuations to be reported in the Statutory Cost Audit Reports or Statutory Cost Compliance Reports.
In case of any queries, please feel free to contact us at 9810175020