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ICMAI issues FAQs on Standards on Cost Auditing

By Taxscan Team -

The Institute of Cost Accountants of India (ICMAI) has issued Frequently Asked Questions (FAQs) on Standards of Cost Auditing.

The Ministry of Corporate Affairs in terms of provision to Section 148(3) of the Companies Act, 2013 approved the Standards on Cost Auditing (SCAs 101 – 104) for mandatory compliance by the cost auditor in the audit of the cost records maintained by the companies covered under the Companies (Cost Records and Audit) Rules.

The Cost Auditing and Assurance Standards Board (CAASB), the standard-setting body of the Institute, in its 38th meeting has finalized the Frequently Asked Questions (FAQs) on the Standards on Cost Auditing (SCAs 101–104)

This is the first installment of the FAQs to be released by the CAASB which contains the general questions and answers. ICAI will be releasing the standard wise FAQs.

For Frequently Asked Questions (FAQs) On Standards on Cost Auditing (SCAs) click here.