Stay Compliant. Track Costs Accurately. Build Stronger Business Decisions.
Under the Companies (Cost Records and Audit) Rules, 2014, maintaining cost records has become a critical compliance requirement for companies operating in certain sectors. At Gaurav Jain & Associates, we help businesses seamlessly maintain cost records as per statutory guidelines—ensuring both compliance and financial clarity.
What Are Cost Records?
Cost records refer to the systematic documentation of cost-related data, including material, labor, overheads, utilities, depreciation, and other cost elements. These records help in:
- Monitoring and controlling cost structures
- Monitoring and controlling cost structures
- Complying with statutory cost audit obligations
- Facilitating cost transparency for stakeholders and regulators
Who Is Required to Maintain Cost Records?
As per MCA regulations, companies engaged in regulated and non-regulated sectors (as notified) with turnover beyond the specified threshold are mandated to maintain cost records.
Examples of applicable industries include:
- Cement
- Steel
- Pharmaceuticals
- Telecommunication
- Electricity
- Engineering goods
- Chemicals & Fertilizers
- And many more…
Our Cost Record Maintenance Services
At Gaurav Jain & Associates, we ensure end-to-end support for cost record compliance:
- Preparation and maintenance of cost accounting records (Form CRA-1)
- Classification and allocation of cost elements as per rules
- Designing and implementing cost systems tailored to your industry
- Reconciliation of cost records with financial accounts
- Review and analysis for CRA-3 (cost compliance report)
- Support for cost audit (CRA-4) submission, if applicable
- Periodic review to ensure continued compliance with changes in regulations
Why Cost Record Maintenance Matters
- Avoid legal penalties for non-compliance
- Establish transparency in internal cost management
- Aid in accurate cost audits and CRA filings
- Enhance cost control and operational decision-making
- Ensure regulatory readiness for inspections or audits
Why Choose Gaurav Jain & Associates?
- Trusted cost professionals with years of experience
- Strong expertise in cost accounting standards (CAS)
- Industry-specific cost structure knowledge
- Up-to-date with MCA and ICAI (CMA) regulations
- PAN-India presence with timely, accurate service delivery