Exposure Draft of FAQ on Standards on Cost Auditing

The Ministry of Corporate Affairs in terms of provision to Section 148(3) of the Companies Act, 2013 approved the Cost Auditing Standards on 10th September 2015 for mandatory compliance by the cost auditors in the audit of the cost records maintained by the companies covered under the Companies (Cost Records and Audit) Rules:

1. Cost Auditing Standard – 101: Planning an Audit of Cost Statements
2. Cost Auditing Standard – 102 : Cost Audit Documentation
3. Cost Auditing Standard – 103: Overall Objectives of the Independent Cost Auditor and the Conduct of an Audit in Accordance with Cost Auditing Standards
4. Cost Auditing Standard –104: Knowledge of Business, its Processes and the Business Environment

Cost Auditing and Assurance Standards Board (CAASB), the standard-setting body of the Institute, has approved the release of Exposure Draft of Frequently Asked Questions (FAQs) on the aforesaid Standards on Cost Auditing (ED SCAs). These FAQs shall be revised by the CAASB based on the suggestions/ comments received from the stakeholders.

Please submit your views / comments / suggestions on the Exposure Draft on FAQs latest by 9th March, 2017 through email atcaasb@icmai.in

Please click here to download Exposure Draft for FAQs on SCA 101 to SCA 104