Cost Records
Maintenance of Cost records is prescribed by Ministry of Corporate Affairs,
Cost Audit Branch The Branch, under section 148(1) formulates & notifies Cost Accounting Records Rules (CARRs) for various industries. Such rules prescribe the manner in which cost records are to be maintained by specified class of companies. Companies have to maintain Cost Records as per CRA-1 prescribed under the Cost and Audit Report Rule 2014. For the purpose of cost audit. Certain formalities have to be carried out by the Companies and the proposed Cost Auditor.