COST AUDIT ON PARTNERSHIP FIRMS, Accounting - Auditing

[AMIT FARMANIA]

Dear All,

Can any one tell me whether a partnership firm (not an LLP) who is engaged in manufacturing process is required to get its cost records audited or not.

If yes, then under what circumstances.

Also the manufacturing concern has a annual turnover more than 250 crore then.

Somebody has says to me that according to rules cost audit is determined by turnover I am very confused.

Please guide me.

Regards

Amit

Posts / Replies

[Sanjeet Kumar]

Dear 

The cost audit rules 2013 are issued by the mca under companies act 1956, or 2013. which is applicable only on the companies as defined in the companies act 2013.

This is my opinion. As u told in query, u are a partnership firm then this is not applicable on u  

[mohd imran]

Dear Sir

i am working in limited co. which having partnership firm(T.O. of partnership firm 70 cr. ) is it mandatory to prepare cost records of partnership firm along with limited co.

advise me

Thanks and Regards

imran

[ramniranjan kandoi]

Cost Audit is not applicable to Partnership Firm . Turnover of a factory is not the basis of applicability of Cost Audit.

Cost Audit is applicable to only Pvt/ public ltd. company