Extension in last date of Filing of Cost Audit Reports or
Cost Compliance Reports:
Last Date Extended upto 31/12/12
By Ashish Ranjan Samal
Normally July to September is the time for finalization of audits
especially Financial Audits but with the issue of new notifications
issued last year in 2011 on 2ndMay, 2011, 3rdMay, 2011, 3rd
June 2011, 30th June 2011 and 24th June 2012, it has been now
made obligatory on the part of the companies specified in the
Cost Audit Report Rules or General and Specific Cost
Accounting Records Rules to file Cost Compliance Reports or
Cost Audit Reports duly approved by the Board of Directors within 180 days from the close of the year.
It means the companies had to file the CCR or CAR for the year 2011-12 by 27th Sep 2012. But keeping in view of the
demand of the industry and the non-availability of final XBRL taxonomy, the MCA has issued circular no 18/2012 on
26/7/2012 stating that It has now been decided by the Ministry that all cost auditors and the concerned companies will be
allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating
to any previous year(s)] with the Central Government in the XBRL mode, without any penalty, upto 31st December, 2012.
The extension of the date by MCA has again provided an opportunity to the companies to finalise the CAR and CCR after
having proper reconciliations with Financial Audit Reports. Before finalization of Statutory Financial Audit Reports, the
auditors must have a look at the inventory valuations to be reported in the Statutory Cost Audit Reports or Statutory Cost
Compliance Reports.
In case of any queries, please feel free to contact me at advocate2010@india.com
Ashish Ranjan Samal
