Jaiprakash & Associates , Cost Accountants Nagpur, Maharashtra

We have a unique system of carrying out Internal Audit U/s 138 of Companies Act 2013 by “specialists” in the field. We have formed a team consisting of Cost Accountants, Chartered Accountants, Management Accountants, Labour Law Consultant, Company Secretary, Direct Tax Expert, Indirect Tax Expert, Systems Auditor (CISA) and Business Administration expert who carry out the respective functional parts of the assignment. Thus we pool together the knowledge, experience and specialization of professionals from varied fields to overview the operations of business entity. The objective of the audit is two fold, to review the various functions within the entity from the view point of legal requirements & framework and also to offer our suggestions to improve the performance and efficiency of these functions/ activities.

Various ingredients of stock require a scientific method for their valuation. The valuation of stock has to be compliant with Cost Accounting Standards issued by The Institute of Cost Accountants of India and the Accounting Standards issued by ICAI. The financial institutions, Banks are also concerned about the stock valuation for the obvious reasons. The entity has also to frame it’s own policies which need to be followed consistently. The expert advise is provided and stock value is certified as an outcome of this assignment which is acceptable to various authorities including Taxation.

Section 148(1) of the Companies Act, 2013 provides for mandatory Cost Audit where Company’s annual turn over exceeds Rs.50.00 crore in regulated sector(power, telecommunication, petroleum, drug & Pharmaceuticals, Fertilizers , Sugar and Industrial Alcohal) and Rs.100 crore in non- regulated sector. The Government of India, Ministry of Corporate Affairs issues orders for Cost Audit either to specific Company or to all companies in specified Industry fulfilling certain conditions. We conduct Cost Audit and have experience and expertise in Cost Audit for over a decades.

We undertake VAT Audits , Certification of returns and appear as authorized representative on behalf of our clients.

In this era of globalization, price is ruled by market, Profit target is set by the top management and the gap between the price and profit defines cost. It is imperative that with complexities of business today, we need to know our costs with minute elements. These cost studies have an objective of working out costs under given parameters and the projections of cost based on changed parameters. Normality, variability, size of business, degree of competition, capacity considerations, Government Regulations and policies, cyclical demand, health of economy, technology and so on largely impact the cost and hence determination of cost and its analysis is essential for the long term survival and growth of any business entity. Costing Systems – installation, implementation and follow up. Cost determination on real time basis requires robust system for capturing the cost and its assimilation. Right from the point of first incurrence through various stages till the goods and services are sold, post sales costs including winding up costs must be captured and considered. Right from manual recordings to sophisticated ERP Systems require initial set ups and timely updation thereof to reflect correct costs. Once the systems are put in place, the results are to be critically reviewed to their correctness, which is the stage of implementation. The results from the systems implemented require review and monitoring on periodic basis to achieve the objectives of the project. We actively “involve” ourselves and do complete hand holding for our clients till they are fully acquainted with the systems.

We accept the following works from our clients on “job outsourcing basis” :   Preparation and filing of periodical returns in respect of TDS; VAT; Service Tax Maintenance of books of account. Liaisoning with Government Offices