Category Archive for: Cost Audit

DEPARTMENTAL COST STATEMENT

Opening stock at quarry, Quantity quarried Total: Quantity transported to crusher Stock adjustment (if any) Closing stock at quarry Reason for adjustment Direct Department Cost: Explosives (if any) Royalty and duties Labour cost. Salaries Employee’s other benefits Indirect materials Insurance Repair & maintenance Fuel oil Gas Depreciation (Annex …. ) Other overheads Sub-total Indirect Department…

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SCHEDULE

Subject to the provision of paragraph 1 (c) of this Schedule, cost records on quantitative and money value basis shall be maintained in respect of each of the following departments as applicable be each company: 1. Quarry                                     Annexure I 2.…

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APPENDIX V

SCHEDULE I 1. Materials (i) Direct Materials: (a) Adequate records shall be maintained showing separately the quantity and cost of sugar-cane procured at the factory gate or other collection centres. Where sugar came is grown in farms owned or taken on lease by the company, detailed records shall be maintained in a mill suitable proforma so as to enable computation…

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SCHEDULE II

Name and address of the company: ____________________ Statement Showing Cost of Vegetable Ghee / Cooking Oil of Management and Sold During the Period From ________ To ________ I-Capacity Current Period Previous Period (a) Number of days worked: (b) Installed capacity (Tones): (c) Utilized capacity (Tones): (i) Vegetable ghee 16 kg pack 5 kg pack 2.5 kg pack (ii)…

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DEPARTMENTAL COST STATEMENT

  B. Cost Statement   C. Cost Distribution   D. Cost Summary (Upto Stock Hall Stage)   DEPARTMENTAL COST STATEMENT   B. Cost Statement   c. Cost Distribution   DEPARTMENTAL COST STATEMENT   B. Cost Statement   C. Cost Distribution   Annexure – VII     Annexure – VIll   Annexure – IX   Annexure-X…

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Example of a Cost Audit Acceptance Letter

Example of a Cost Audit Acceptance Letter: The following letter is for use as a guide in conjunction with the considerations outlined in this Handbook and will need to be varied according to individual requirements and circumstances. To the Board of Directors or the appropriate representative of senior management: You have requested that we audit the cost accounting…

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APPENDIX I

Companies (Audit of Cost Accounts) Rules, 1998 Statutory Notifications (S.R.O) Government of Pakistan Corporate Law Authority Notifications (Islamabad, the 24th July, 1998) S.R.O. 846 (1)/98, – In exercise of the powers conferred by sections 258 and 506 of the Companies Ordinance, 1984 (Xl, VII of 1984), read with the Finance Divisions Notification No. S.R.O 698 (1) 86, dated 2nd July, 1986,…

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Particulars to be Included in Cost Auditors Report to the Directors of the Company

1. Capacity – (a) Licensed, installed and utilized capacities of the factory of factories for the products under reference. (b) If the company is engaged in other activities besides the manufacture of the product under reference, give a brief note on the nature of such activities. 2. Cost accounting system – Brief comments on the cost accounting system and…

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Cost Auditor’s Report

Submission of Cost Audit Report: Accounting to sub rule 3 of rule 4 of the Companies (Audit of Cost Accounting Rules 1998: The prescribed form of the cost auditors report requires a cost auditor to confirm that the cost accounting records having been or have not been maintained in accordance with the cost accounting records having been or have…

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Cost Accounting System and Reconciliation

Determining Unit Cost: Cost Accounting systems differ from industry to industry. The system under which the date may be processed manually or on a computer would also differ to some extent from company to company, according to the interpretation of the management and cost control requirements of the management of the company. Basically different cost accounting systems are followed for…

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