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CA IPCC : Revision Test Paper (with Answers) - AUDITING & ASSURANCE May 2015

32 pages, 48 questions, 0 questions with responses, 0 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

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PAPER 6: AUDITING AND ASSURANCE PART I: ACADEMIC UPDATE (Legislative Amendments as per the Companies Act, 2013) Companies (Cost Records and Audit) Rules, 2014: The Central Government has notified the Companies (cost records and audit) Rules, 2014, dated 30th June, 2014, which prescribes the classes of companies required to include cost records in their books of account, applicability of cost audit, maintenance of records etc. Rule 3 of the Companies (cost records and audit) Rules, 2014 provides the classes of companies required to include cost records in their books of account. These companies include Foreign Companies defined in sub-section (42) of section 2 of the Act. Some of the companies prescribed under the rule are given below: (A) Companies engaged in the production of following goods in strategic sectors, such as machinery and mechanical appliances used in defence, space and atomic energy sectors excluding any ancillary item or items; turbo jets and turbo propellers; arms and ammunitions. (B) Companies engaged in an industry regulated by a Sectoral Regulator or a Ministry or Department of Central Government, such as aeronautical services of air traffic management, aircraft operations; telecommunication services made available to users by means of any transmission or reception of signs, signals, writing, images and sounds or intelligence of any nature (other than broadcasting services) and regulated by the Telecom Regulatory Authority of India under the Telecom Regulatory Authority of India Act, 1997. (C) Companies operating in areas involving public interest, such as mineral products including cement; ores; Construction Industry; companies engaged in health services viz. functioning as or running hospitals, diagnostic centres, clinical centres or test laboratories. (D) Companies (including foreign companies other than those having only liaison offices) engaged in the production, import and supply or trading of following medical devices, such as heart valves; orthopaedic implants; pacemaker (temporary and permanent). As per Rule 5 of the Companies (cost records and audit) Rules, 2014, every company under these rules including all units and branches thereof, shall, in respect of each of its financial year commencing on or after the 1st day of April, 2014, is required to maintain cost records in Form CRA-1. The cost records shall be maintained on regular basis in such manner as to facilitate calculation of per unit cost of production or cost of operations, cost of sales and The Institute of Chartered Accountants of India

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