THE ASSOCIATION OF PRACTICING COST & MANAGEMENT ACCOUNTANTS – APCMA
EN 
Success Story
Achievement 1
We the APCMA, President, V.G. Selva Raja attended the National Practitioners Meet at Kolkatta and represented the Cost Audit Branch, Mr. S. Asokan, Advisor Cost for the following changes and we got the amendments for the welfare of the Profession in the Draft Companies (Cost Records and Audit) Amendment Rules, 2016.
- a. Correction of CETA 8402 from Sl. No.1 of Non-Regulated Industry to Sl. No. 31, Machinery and other Equipments,
- b. “(3B) The cost statements, including other statements to be annexed to the cost audit report, shall be approved by the Board of Directors before they are signed on behalf of the Board by any of the director authorized by the Board, for submission to the cost auditor to report thereon” (The Cost Statements, Cost Audit Para and any other annexure need to be prepared by the company and approved by the Board, then signed by one of the director and forward it to the Cost Auditor for conducting Cost Audit to prepare a Cost Audit Report)
- c. In Rule 6, Sub-rule 5, “Every cost auditor shall forward his duly signed report to the Board of Directors of the company (Addition of duly signed wordings)
- In Rule 6, Sub-rule 6 - “Every company covered under these rules shall, within a period of thirty days from the date of receipt of a copy of the cost audit report, furnish the Central Government with such report alongwith full information and explanation on every reservation or qualification contained therein, in form CRA-4 in Extensible Business Reporting Language (XBRL) format in the manner as specified in the Companies (Filing of Documents and Forms in Extensible Business Reporting language) Rules, 2015 along with fees specified in the Companies (Registration Offices and Fees) Rules, 2014.” (Addition of the highlighted wordings to highlight that the conversion of the Data into XBRL is the duty of the Company and not with the CMA Practitioners). (Earlier Cost Auditor has to submit the Report to the Government).
2
Achievement
We have got a Budget Amendment through Finance Act, 2020, that the delegation of powers from the Act to CBDT Board for including any persons under Section 288 of the Income Tax Act, 1961, which we are taking up the matter for nearly 9 Years from 2011 onwards to Finance Ministry and CBDT regularly.
3
Achievement
Finance Act, 2023 vide Section 68 amended the Section 142 (A2)(ii) of Income Tax Act, 1961, that Inventory Valuation (Stock Audit) is the Exclusive domain of the Cost Accountant. This Achieved after representing the matter to the Ministry of Finance for 6 Years. Section 268 (5)(II) of Income Tax Act, 2025 is also emphasis the same. Now we are taking up the matter with all the Public Sector Banks and Private Sector Banks at MD & CEO Level to amend the Stock Audit Policy of the All the Banks. This is the new Project taken by APCMA.