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    Applicability of Cost Audit and Secretarial Audit

    Posted By : Juhee Goyal / Published on : 31-Mar-2023 05:39 AM / View : 131 / Comment : 1

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    Hi Everyone!

    Whether the applicability of Secretarial Audit or the Cost Audit is calculated on consolidated basis or standalone basis ?
    Read more on : audit secretarial cost applicability

    • The applicability of Secretarial Audit or Cost Audit is calculated on a standalone basis, and not on a consolidated basis.

      Secretarial Audit is an audit conducted by a qualified company secretary to examine the compliance of a company with various legal and regulatory requirements. The Companies Act, 2013 mandates that certain companies, based on their turnover and share capital, are required to conduct a Secretarial Audit. The turnover and share capital thresholds for Secretarial Audit are calculated on a standalone basis of the company, and not on a consolidated basis if the company has subsidiaries or associate companies.

      Similarly, Cost Audit is an audit conducted to ascertain the cost of production, cost of sales, and other cost-related aspects of a company's business. The Companies Act, 2013 mandates that certain companies, based on their turnover and nature of business, are required to conduct a Cost Audit. The turnover thresholds for Cost Audit are also calculated on a standalone basis of the company, and not on a consolidated basis if the company has subsidiaries or associate companies.

      31-03-2023 / 10:40:00 AM
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