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TMI BlogAudit of cost accounts in - Product or Activity GroupX X X X Extracts X X X X X X X X Extracts X X X X ..... stry) Rules 2011; and which are engaged in the production, processing, manufacturing or mining of the products/activities included in the said Rules or covered in the following product or activity groups [Table-I] and wherein the aggregate value of the net worth of the company as on the last date of the immediately preceding financial year exceeds five crore of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crore of rupees; or wherein the company's equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India, shall get its cost accounting records, in respect of each of its financial year commencing on or after the 1st day of January, 2013, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959). Table-I S.No. Product or Activity Group Code Name of the Product or Activity Group Central Excise Tariff Act (CETA) Chapter Headin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t its cost accounting records, in respect of each of its financial year commencing on or after the 1st day of January, 2013, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959). Table-II S.No. Product or Activity Group Code Name of the Product or Activity Group Central Excise Tariff Act (CETA) Chapter Headings covered in the Product or Activity Group 1 1002 Meat and Meat Products 0201 to 0210; 0410; 1601 to 1603 2 1003 Marine Products 0301 to 0307; 1604 to 1605 3 1004 Milk and Milk Products 0401 to 0406 4 1005 Poultry and Related Products 0407 to 0408 5 1006 Bee Products 0409 6 1010 Vegetables 0701 to 0714 7 1011 Fruits and Nuts 0801 to 0814 8 1012 Coffee and Coffee Products (incl. 210111) 0901 9 1013 Tea and Tea Products (incl. 210120) 0902 10 1014 Spices - processed or unprocessed 0903 to 0910 11 1015 Cereals, Flour and Product of Cereals 1001 to 1008; 1101 to 1109 12 1016 Oil Seeds and Products of Oil Seeds 1201 to 1208 13 1017 Other Seeds and Plants 1209 to 1214 14 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Paperboard 4814; 4816 to 4823 58 3012 Silk 5001 to 5003 59 3013 Silk Yarn 5004 to 5006 60 3014 Silk Fabrics 5007 61 3015 Wool 5101 to 5105 62 3016 Wool Yarn 5106 to 5110 63 3017 Wool Fabrics 5111 to 5113 64 3018 Cotton 5201 to 5203 65 3019 Sewing Thread 5204; 5401 66 3020 Cotton Yarn 5205 to 5207 67 3021 Cotton Fabrics 5208 to 5212 68 3022 Other Textile Yarns or Fibers 5301 to 5303; 5305 to 5308 69 3023 Other Textile Fabrics 5309 to 5311 70 3024 Synthetic Yarns or Fibers 5402 to 5406; 5501 to 5511; 5601 to 5609 71 3025 Synthetic Fabrics 5407 to 5408; 5512 to 5516 72 3026 Carpets and textile floor coverings 5701 to 5705 73 3027 Other Textile Fabrics or Products 5801 to 5811; 5901 to 5911; 6301; 6305 to 6310 74 3028 Knitted or Crocheted Fabrics 6001 to 6006 75 3029 Apparel and Clothing 6101 to 6117; 6201 to 6217 76 3030 Furnishings 6302 to 6304 77 3031 Footwear and Parts thereof 6401 to 6406 78 3032 Headgear and Parts thereof 6501 to 6502; 6504 to 6507 79 3036 Articles of Stones, Plaster, Cement, Asbestos and Mica 6801 to 6815 80 3037 Ceramic Products 6901 to 6914 81 3038 Glass and Gl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al or Medical Instrument and parts thereof 9018 to 9022; 9033 121 4040 Clocks or Watches and Parts thereof 9101 to 9114 122 4041 Musical Instruments and Parts thereof 9201 to 9202; 9205 to 9209 123 4043 Medical or Vehicular or other Furniture and Mattress and parts thereof 9401 to 9404 124 4044 Lights and Fittings 9405 125 4045 Prefabricated Buildings 9406 126 4046 Toys, games and sports Equipments 9503 to 9508 127 4047 Stationery Items 9608 to 9612 128 4048 Miscellaneous manufactured articles 9601 to 9607; 9613 to 9614; 9617 to 9618 Notes: (a) The Product or Activity Groups referred to in Table-I & II above shall include all products/activities included in the corresponding CETA Chapter Headings mentioned therein irrespective of whether Central Excise Duty is levied or not. (b) In respect of those Product or Activity Groups mentioned in Table-I above corresponding to which no CETA Chapter Headings are applicable, the product/activity groups shall include all such activities that fall under the meaning of the respective product/activity group and are covered by the related Cost Accounting Records Rules mentioned in para 2 above. (c) In case of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or to 31st March 2011 or under the industry specific cost audit orders issued after 1st April 2011 till date. 5. All companies that were earlier covered under industry specific orders dated 2nd May 2011 or 30th June 2011 or 24th January 2012 [subject to their meeting with the qualifying criteria mentioned therein] shall continue to comply with the earlier orders upto the financial year commencing prior to the 1st day of January 2013 and in continuum, with these orders in respect of each of its financial year commencing on or after the 1st day of January 2013. 6. Every company to which these orders apply shall follow the revised procedure for appointment of cost auditor as laid down vide Ministry of Corporate Affairs' General Circular No. 15/2011 dated 11th April 2011 [as amended vide General Circular No. 36/2012 dated 6th November 2012]. 7. The audit shall be conducted in such manner as will enable the cost auditor to prepare the report in accordance with the Companies (Cost Audit Report) Rules, 2011 read with the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011, both as amended. The report of the cost auditor shall be forwarded to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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