Audit of “Divisible Profits” and “Dividends”

Key Points:

1. Meaning of Profit.
2. Computation of Profit and Divisible Profit.
  (A) AOA or Articles of Association,
  (B) Companies Act,

Link : https://smckk14.blogspot.com/2023/07/audit-of-educational-institution-school.html

 

1. Meaning of Profit:

Profit = Sum of business Receipts less Expenses and losses.

Profit = Income (-) Expenses

Actual Profit means difference between market value of net assets of the business at the end and at beginning of accounting year.

As per Going Concerned Concept,

Profit = Revenue, Receipt from sales of goods and /or services (-) Expenses and losses of recurring nature.

Moreover, profit is that which has been actually ‘realized’, though it does not mean that goods should be actually converted into cash before saying that profit has been ‘realized’. However, sale of goods results in creation of book debts and bills receivable against credit buyers, only that part of the profit should be taken into account which remains after providing for possible bad debts.

There are Accounting Standards and GAAP or Generally Accepted Accounting Principles for determining the profit and it is no more open to the owners /managers to determine profit.

Overstatement of profit results in – (a) Payment of dividend out of capital, (b) Distortion of financial statement and this will harm the interest of all Shareholders, Creditors, Lenders, Government and Public.

Understatement of profit denies dividend legitimately due to shareholders, to workers the bonus, and to investors the appropriate to invest in business and to government the tax revenue.

2. Computation of Profit and Divisible Profit:

In case of ‘Sole Proprietorship’ or ‘Partnership Business’, the profits and divisible profits maybe interchangeable terms. But in case of ‘Company’, the company has to follow the following before deciding on distribution of dividend.

(A) AOA or Articles of Association,

(B) Companies Act,  

(A) AOA or Articles of Association:

Table ‘F’ of AOA limited by share, contains the following provision about distribution of dividend –

(i) Board to Recommend and General Meeting to Declare Dividend –

A company may declare dividend at its General Meeting but it cannot exceed the amount recommended by board. Clause (80) (But can decrease the amount)

(ii) Board can Announce and pay Interim dividend –

The Board may from time to time pay Interim dividend, if the payment is justified seeing profits of the company. Clause (81) however announcement can be revoked. It does not create enforceable right in favour of shareholders and against the company.

(iii) Dividend may be out post depreciation profits of the present, or past financial years, or out of money provided by Government –

Divisible profit should be calculated after providing depreciation for relevant year (s). Dividend may be declared out of money provided by Central or State Government (s) for distribution of dividend as per guarantee given by its section (123). Declaration of final dividend becomes an enforceable right against the company and it cannot back out on it.

(iv) Setting aside Profits or Reserve (s) –

Before recommending dividend, the board may at its description, set aside part of profits and reserve (s), or carry forward the entire profits without declaring dividend or creating reserve. The Reserve (s) maybe applied for the purposes of the company e.g. for meeting contingencies, equalizing dividend, etc. pending such application, the board may use the reserve (s) in company's business or invest it in other avenues, but not in share of the company. Clause (82)

(v)  Dividend to be Proportionate to the Amount Paid on Shares –

Dividend payment will be proportionate to the amount paid on shares. If entire call money has not been paid on certain shares, dividend pay on them will be proportionate to the amount actually paid, unless the AOA speaks of payment related to nominal value of shares. Amount paid or credited as paid against calls in advance will not be treated as amount paid on shares. However, participating preference shares may rank for dividend distribution out of profit in addition to fixed dividend payable to them. Clause (83).

(vi) Declaration for Unpaid Calls etc. –

The board may deduct from dividend payable to any member, any money presently payable by him on calls, or otherwise, in respect of shares held by him. Clause (84)

(vii) Payment maybe paid by Cheque and Warrant –

Any dividend, interest or other money Payable in cash in respect of shares may be paid by cheque or warrant. The cheque or warrant should be sent through post directly to registered address of shareholders, and in case of joint holders, to registered address of that shareholders who has first name in the register of members, or to any person or address as directed in writing by the shareholder (s). The cheque or warrant will be payable to order of the payee. Clause (85)

(viii) One or more Joint holders may be given receipt for Dividend –

Acknowledgement of receipt of dividend, bonus or other money payable in respect of share may be given by anyone or more of the joint holders. Clause (86)

(ix) Notice of Dividend Declaration –

Notice of any dividend declared by company must be given to person and entitled to share it. Clause (87)

(x) Dividend not to Carry Interest –

Dividend will not carry interest against the company. Clause (88)

(B) Companies Act:

(i) Payment of dividend only amount of post depreciation profit of relevant or post financial year –

Section 123, A company can only declare dividend out of profits of the relevant year. Dividend can be declared or paid by the company for any financial year only out of –

(a) Profit for that year, arrived at after providing depreciation, or

(b) Profits for any financial year or financial years, after providing depreciation for the relevant financial year (s), or

(c) Aggregate of its profits mentioned (a) and (b) above, or

(d) Any money provided by Central Government or State Government (s) for payment of dividend in pursuance of a guarantee given by it.

(ii) Dividend may be paid out of free reserves –

Specific reserves like debenture redemption reserve, will not be used for distribution of dividend.

(iii) Payment of Dividend from Accumulated Profits only as per Rules –

If the company process to distribute dividend even despite nil or inadequate profit, it may do so by transferring accumulated profits to reserves, but subject to the rules.

(iv) Interim Dividend –

Board may declare interim dividend from surplus of Profit and Loss account and current financial year profit. But if the company has suffered loss in the financial year up to the end of the quarter proceeding the declaration, the rate of dividend cannot be more than the average dividend declared during the immediate preceding three financial years.

(v) Deposit of Dividend in Separate Account in Scheduled Bank –

The dividend including interim dividend should be deposited in a special account in a Scheduled Bank within 5 days from the date of declaration. It will only be payable in cash to the registered shareholders or to his order by a cheque or warrant or through any electronic mode.

(vi) Capitalisation of Profits or Reserves –

The company is free to capitalise its profits or reserves to issue fully paid up bonus shares or to use for adjustment against any amount due from shareholder (s).

(vii) No declaration of dividend in case of noncompliance with acceptance as to acceptance and repayment of Deposits -

A company cannot declare dividend if it fails to comply with provisions of section (73) and (74) dealing with acceptance and repayment of deposit and interest of them.

(viii) No rights to dividend, rights of bonus shares until registration of transfer of shares -

As per section 126, If a company has received and instrument of share though it has not get registered it, it will transfer dividend in respect of such share to unpaid dividend account. However, the company may pay such dividend to the transferee specified in the instrument if the registered holder of share authorized it to do so in writing. However, it will put on hold any offer of right share or issue of fully paid up bonus share until registration of the transfer of share.

(ix) Punishment for Non-payment of Dividend after Declaration -

According to section 127, if the company has declared dividend but has not paid it or has not posted the warrant to the shareholder within 30 days of declaration, every director who is knowingly a part to the default, shall face imprisonment up to 2 years and pay fine of ₹ 100000 per day of default. The company will be liable to pay interest at 18% per annum during the period of default. 

Audit of Educational Institution (School, College & University):

Key Points:

I. Preliminary
II. Audit of Income.
III. Expenditure Audit

 

Link : https://smckk14.blogspot.com/2023/03/cost-audit-meaning-objectives.html

The auditor should audit the accounts of an "Educational Institution" as follows -

I. Preliminary:

(a) Scope -

Auditor should go through his appointment letter to examine the scope.

(b) Fundamental Documents -

He should examine Bye - laws, Trust deed, or Regulation in case of school and college and should not its provisions affecting accounts. In case of University, he should study the Act and relevant rules.

(c) Minutes of Meeting -

Should examine minutes of meeting of General body, Society, Trust, Executive Council or Managing committee and note the resolutions on accounts, including banks accounts.

(d) Evaluation of Internal Control -

Careful evaluation of internal check and control systems to insure proper delegation of duties and responsibilities, system for authorisation and recording procedures in respect of assets and liabilities, reserve and expenses and observance of sound accounting practices.

II. Audit of Income:

(i) Tuition Fees etc. -

Auditor should check the Student Fees Register for each month and with class registers, showing the names of students on roll. He should test check entries in Fees register for tuition fees, sports fees, building fund etc. and see whether there have been properly computed, demanded and recovered from students.

(ii) Proof of Fee Receipt -

He should check the fees received with counter foils of money receipts issued to students, as also with entries in cash book and fees register. If fees have been received online, he should check the Bank account and entries in fees register.

(iii) Investigation of Deviations -

He should check fees collection for the month with aggregate total in fees register. In case of any difference, whether due to arrears or advance payments, he should see that the respective amount are carried forward and appropriately disclosed in annual accounts.

(iv) Fee Concession etc. -

In case of free studentship of other concessions, he should examine the authorisation and see that it is consistent with the policy decision of managing committee.

(v) Late Payments -

He should check late payment of fees along with fines, if any, with entries in fees register and authorisation for late payment by responsible official.

(vi) Capital Receipts -

Capital receipt like admission fees, building fund, contribution etc. are to be credited to separate account, unless there is a specific decision of managing committee to the contrary.

(vii) Arrears of Fees -

He should ascertain if all arrears of fees, including hostel dues, are recovered before the student's accounts are closed. In case there are heavy arrears of fees or hostel dues, it should be enquired whether these have been brought to the notice of the Management Committee.

(viii) Grants from Government or Local body -

He should check the basis of rules of Institution and relevant correspondence. If any Grant is in terms of a percentage of actual expenses, he should examine the unapproved expenses that are not eligible for grant.

(ix) Income from Endowment Fund -

He should examine the endowments fund and legacies and vouch the income from them by reference to relevant vouchers and investments. The investments as far as possible by physically verified and, if in the custody of a third person, he should be asked to confirm the holding. In case of endowments created for distribution of prizes in the names of donors, he should see that these are credited to a separate account and, where the income exceeds the expenses on prizes, the surplus is invested along with the Corpus. Income from donations or funds for specific purposes should not be treated as general income or applied elsewhere.

(x) Rental Income -

If a part of the building in the premises or elsewhere has been rented out, rental income should be checked with Rent Rolls, and income arrears or received in advance should be disclosed in annual statement, Income and Expenditure account and Balance sheet of the institution.

(xi) Investment Income -

If part of Grants or endowment has been invested in bank or Government Security, the auditor should follow the income and see if there is any default in payment. Some Institutions may use the capital for unauthorised construction of building to accommodate more students to enhance fee income. It is auditor's duty to check these and, if necessary, to report it to the authority giving the Grant. These may also be default in depositing provident fund contributions of staff.

III. Expenditure Audit:

(i). Classification of Reserve and Capital Expenses -

These should be proper difference between capital and revenue expenses. Capital expenses should be vouched with the resolution of managing committee that authorise it, as also relevant vouchers and receipts reserve expenses like salary of staff etc. should be checked with Cash /Bank account. If salary etc. are electronically transferred to accounts of the recipients, entries in the bank account and individual ledger account should be the basis for checking.

(ii) Expenses in excess of Budgeted Amount -

It should be authorised by managing committee giving reasons.

(iii) Purchase, Issues and Custody of Materials -

An institution purchases different things like Stationery, Sports item, Lab materials, Music Instrument, Furniture's etc. The auditor should see that all the purchases and issues are the properly authorised. Supported by receipts from vendors, and the remaining items are in safe custody of the responsible person.

(iv) Stock - Taking -

Stock of Furniture, Stationery, Equipment's etc. should, as far as practicable, be physically verified. He should compare the stock on hand with the quantity and description as given in the stock register and ascertain whether it has been properly valued. 

Cost Audit: Meaning, Objectives, Qualification, Disqualifications, Significance, Legal Rules, Cost Auditor-Appointment, Duties (लागत अंकेक्षण: अर्थ, उद्देश्य, योग्यता, अयोग्यता, महत्व, कानूनी नियम)

Cost Audit: Meaning, Objectives, Qualification, Disqualifications, Significance, Legal Rules

Key Points:

1.Meaning of Cost Audit
2. Definition of Cost Audit
3. Objectives of Cost Audit
     (a) General Objectives
     (b) Objectives for Government
     (c) Objectives for Manufacturer
4. Qualification of Cost Auditor Section - 148
5. Additional Disqualifications
6. Significance /Need /Relevance of Cost Audit
7. Legal Rules regarding Cost Audit
8. Appointment of Cost Auditor
     (a) Who can Appoint?
     (b) Tenure (Serving Period)
     (c) Exemption from Appointment
9. Powers and Duties of Cost Auditor
10. Liabilities of Cost Auditor
11. Additional Liabilities of Cost Auditor

Link : https://smckk14.blogspot.com/2023/02/management-audit-meaning-advantages.html

1.Meaning of Cost Audit:

"Cost Audit" is the examination/checking of cost records. This audit is done to ascertain (ensure) that the cost records are kept to give true and fair view of cost of production, cost of sales and profit (margin) of product.

This audit is compulsory for specified companies according to Section 148 of Companies Act, 2013.

2. Definition of Cost Audit:

(i). According to ICWAI:

"Cost audit is an audit of efficiency in respect of minute details of expenses which is in the process of being incurred on work in progress".

(ii) According to R. W. Dobson:

"Cost audit is the verification of correctness of cost accounts and of the adherence to the cost accountancy plans".

(iii) According to Smith and Day:

"Cost audit is detailed checking of the costing system, techniques and accounts to verify their correctness and to ensure adherence to the objective of cost Accountancy".

3. Objectives of Cost Audit:

(I) General Objectives:

(i) Verification of arithmetical accuracy of cost entries.

(ii) Detection of errors and frauds.

(iii) Finding out whether the cost accounting procedures have been followed.

(iv) Verification of cost accounts whether properly maintained as per principles of Costing.

(v) Verification of cost statements whether properly prepared as per records and they present true and fair view of cost of production and marketing.

(vi) Detection and control of abnormal loss of Material and Time.

(vii) Reconciliation between Cost Accounts and Financial Accounts.

(viii) Finding out whether each item of expenses involved into relevant components of the goods manufactured or produced has been properly incurred or not.

(ix) Determining the accurate cost involved in products, manufacturing process and jobs to compare them with previous records.

(x) Instilling cost consciousness among employees.

(xi) Determining valuation of Inventory.

(xii) Improvement of productivity of employees, physical and financial resources.

(xiii) Appropriate allocation of overheads.

(II) Objectives for Government:

(i). To find out whether any industry should be given any price or subsidy to encourage, development and expand it. This is not only from the point of view of investors, producer, consumer that a "Reasonable Price" should be fixed but as the government is interested in export of the goods to earn foreign exchange, it is important that the goods should be priced reasonably to compete in the world market.

(ii) To determine whether the industry requires protection and if such protection has already been given, should it be removed or continued or curtailed.

(iii) To assist the tariff board to consider the extension or removal of protection.

(iv) To decide whether excise duty should be reduced or not or removed on finished goods.

(v) To expose the wrong intention of management.

(vi) To fix the selling price.

(vii) To avoid wastage and unnecessary expenses to reduce cost of production to supply the goods at reduced price.

(III) Objectives for Manufacturer:

(i). To check wastage of Materials and Labours.

(ii) To fix the price when quotation is to be sent.

(iii) To find out the profitability of different units.

(iv) To stop the production of less economic units and pay attention to profitable products.

(v) To have internal control and check which may be useful for financial auditor.

(vi) To check valuation of Inventory and work in progress at various stages of completion especially at the ending financial year.

(vii) To help the management to regulate the function.

(viii) To check the effectiveness of cost control techniques.

(ix) To enable to management to prepare future policy on the basis of report of cost auditor.

(x) To get latest accurate information when needed.

4. Qualification of Cost Auditor Section - 148:

(i) He should be a "Cost Accountant" within the meaning of the cost and works accountants act India, 1959, and

(ii) He should hold a certificate of practice issued of ICWAI.

The cost auditor may be an individual cost accountant in practice or a firm of cost Accountants, or a LLP (Limited liability partnership) all of whose members are cost accountants deemed to be in practice. However, the constitution of the firm of cost accountants must be with the approval of Central Government as per regulation of cost and works Accountants act, 1959.

5. Additional Disqualifications:

Following persons are disqualified for the post of Cost Auditor-

(i). Anybody corporate, however, a LLP registered under LLP Act, 2008 may be appointed as cost accountant.

(ii) A person who is an officer or employee of the company.

(iii) A person who is a partner or is in the employment of an officer or employee of the company or of the company's auditor appointed under Section 139.

(iv) A person who or whose relative or partner is holding any security of or an interest in the companies or its Subsidiary/Holding/Associate company or in a subsidiary of a holding company.

(v) A person relative of whose partner is holding any security of or interest in the company valued at more than ₹100000.

(vi) A person who is indebted to the company or its Subsidiary/Holding /Associate or Subsidiary or its holding company of the sum of ₹5 lakh or more.

(vii) A person who has given guarantee or provided security in respect of indebtedness of any person to the company or its Subsidiary/Holding /Associate company or to the subsidiary of such holding company exceeding ₹100000.

(viii) A person or who directly or indirectly has business relationship with the company, its Subsidiary /Holding /Associate company or with subsidiary of such Holding /Associate company.

(ix) A person whose relative is a director of, or in the employment of the company as director, or any key managerial personnel.

(x) A person who is in full time employment elsewhere, or in employment of a person or partnership firm which is holding appointment as auditor of the company, if such person or firm is at the date of appointment holding appointment as auditor of more than 20 companies.

(xi) A person who has been convicted of an offence of fraud and a period of 10 years has not expired after the date of conviction.

(xii) A person whose Subsidiary /Associate or any other form of entity is engaged, on the date of appointment as cost accountant, in consultancy and providing specialised services specified in section 144, to the company or its subsidiary.

6. Significance /Need /Relevance of Cost Audit:

(i) Compulsory Cost Audit -

The Central Government may notify certain classes of companies to maintain cost records as prescribed along with the audit of such accounts.

(ii) For Pricing Decisions -

Every company wants that its products should not overpriced because such price may throw the company out of market. Also the company does not want under-pricing because it may cause loss. So, the management wants to ensure the correct pricing procedure with decision in this regard.

(iii) For Consumers -

Cost audit is conducted to ascertain cost of production so that the price is fairly determined. The consumers may want to see the audited cost of the product.

(iv) For Government -

Government wants to know the fair and correct cost of production of goods and services in public interest. Also the grant of subsidy, rebates and concessions may require the accurate data about production cost.

(v) For Managerial Decision -

Cost audit helps the management in the taking pricing decisions.

(vi) For Taxation -

According to rules of taxation, certain tax assessments require correct details of cost of production. Especially, the indirect tax is like excise duty, service tax etc.

7. Legal Rules regarding Cost Audit:

Company (Cost records and Audit) rules, 2014

The Central Government has issued these rules to govern the maintenance of cost records. So, every company including foreign company which is engaged in production of goods or providing of services as given in tables 'A' and 'B' and having turnover of ₹35 crore or more in the immediately preceding financial year, will be required to maintain cost account records.

However, foreign companies, having only liasion office in India and engaged in production, Import and Supply or Trading of specified devices listed in table 'B' will be exempted from this provisions.

Similarly, companies classified as 'Micro Enterprise' or 'Small Enterprise' or as per turnover criteria of section 7 (9) of Micro, Small, and Medium Enterprises Development Act, 2006, will be exempt. The companies which export goods and services and whose revenue in foreign exchange exceeds 75% of their total revenues, or which are operating in SEZs will also be exempt.

Goods and Services that require maintaining cost records -

The goods and services that require maintaining cost records have been classified as regulated under table 'A' and non-regulated table 'B'.

Table 'A' (Regulated Items)

(i). Telecommunication services.

(ii) Generation, Transmission, Distribution and Supply of electricity.

(iii) Petroleum products.

(iv) Drugs and Pharma.

(v) Fertilizers.

(vi) Sugar and Industrial Alcohol.

Table 'B' (Non-regulated Items)

(1) Machines and Mechanical appliances used in defence, Space and Atomic energy sectors excluding Ancillary items.

(2) Turbo Jets and Propellers.

(3) Arms and Ammunition.

(4) Propellant powder, Prepared explosive, Safety fuses, Detonating fuses, Ignitions, Electronic Detonators.

(5) Radar appliances, Radio navigational aid and Remote control appliances (radio).

(6) Tanks & Armoured fighting vehicles, whether fixed with weapons, parts of them funded up to 90% or more by Govt. or Govt. agencies.

(7) Specified port services.

(8) Specified Aeronautical services.

(9) Steel.

(10) Roads & other Infrastructure projects.

(11) Rubber & Allied products.

(12) Cement.

(13) Basic metals.

(14) Mineral fuels, oils etc.

(15) Railway, Tramway, Locomotives, Rolling stock, Fixtures & Fittings, Traffic signalling system.

(16) Ores, Mineral products.

(17) Inorganic chemicals, Organic & Inorganic compounds of precious metal, Metals of radioactive elements etc.

(18) Jute & Jute products.

(19) Edible oils.

(20) Construction Industry.

(21) Health services, Hospitals, Diagnostic & Clinical Centre.

(22) Education services, excluding Philanthropic & Non-profit services.

(23) Production, Import & Supply or Trading of specified devices like Stents, Catheters, Lenses, Heart valves, Orthopaedic implants, Prosthetic implants, Brain stimulators etc.

Other non-regulated sectors:

(i) Coffee and Tea,

(ii) Milk Powder,

(iii) Insecticides,

(iv) Plastics,

(v) Tyres and Tubes,

(vi) Papers,

(vii) Textiles

(viii) Glasses,

(ix) Other machinery,

(x) Electric or Electronic machinery.

Maintenance of Cost accounts and Audit:

 

Item	Table 'A'	Table 'B'
Maintenance of Cost Accounting Records	If aggregate turnover of goods and services by the company is ₹ 35 crore or more	If aggregate turnover of goods and services produced by the company is ₹ 35 crore or more
Cost Audit	If aggregate turnover of goods and services produced by the company in the immediately preceding year is 50 crore or more	If aggregate turnover of goods and services produces by the company in the immediately preceding year is ₹100 crores or more
	If the aggregate turnover of any individual product and /or services satisfies the requirement of maintenance of cost records ₹ 25 crore or more	If the aggregate turnover of any individual product and /or services satisfies the requirement of maintenance of cost records ₹ 35 crore or more

8. Appointment of Cost Auditor:

(a). Who can appoint?

If the company has audit committee, the appointment will be made by the said committee. In other condition, Board of Directors shall appoint.

As per rule 2019, the cost auditor need not be in practice. The final authority is for appointment vests with shareholders who will ratify the decision of the audit committee or Board of Directors.

The company need not to avail prior approval the Central Government for appointment.

(b) Tenure (Serving Period):

A cost accountant will remain in his /her post until expiry of 180 days from the closure of the financial year or until submission of his report.

Any Casual Vacancy due to registration, removal or death will be filled by Board of Director within 30 days of the vacancy and, the company will within 30 days of appointment, inform the Central Government.

(c) Exemption from Appointment:

Appointment is not necessary in case of MSME and the company whose export revenue exceeds 75% of its total revenue. An Enterprise operating in SEZ's is also exempt.

9. Powers and Duties of Cost Auditor:

Powers and Duties of cost auditor are same as Statutory auditors under Section 139.

Cost auditor has to submit report to Board of Directors then the Board of Directors submits that report to Central Government within 30 days along with explanation on every qualification mentioned in report.

10. Liabilities of Cost Auditor:

Main Liability - The execute the work in the capacity of a cost accountant prescribed under the cost Act 2013.

11. Additional Liabilities of cost auditor:

(i) Submitting cost audit report to CLB (Company Law Board) and to the company.

(ii) Submitting cost audit report within 120 days from the end of the financial year to which cost audit relates.

(iii) On professional misconduct, the ICWAI may reprimand his membership or remove his name from the register for a period not exceeding four years, as the Council may deem fit.

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लागत अंकेक्षण: अर्थ, उद्देश्य, योग्यता, अयोग्यता, महत्व, कानूनी नियम

प्रमुख बिंदु:

1.लागत अंकेक्षण का अर्थ
2. लागत अंकेक्षण की परिभाषा
3. लागत अंकेक्षण के उद्देश्य
     (a) सामान्य उद्देश्य
     (b) सरकार के दृश्टिकोण दृष्टिकोण से लागत अंकेक्षण के उद्देश्य
     (c) निर्माता के दृष्टिकोण से लागत अंकेक्षण का उद्देश्य
4. लागत अंकेक्षक की योग्यता धारा 148 के अनुसार
 5. लागत अंकेक्षक की अतिरिक्त अयोग्यताएं
6. लागत अंकेक्षण का महत्व /आवश्यकता /लाभ
7. लागत अंकेक्षण के संबंध में कानूनी नियम /वैधानिक नियम
8. लागत अंकेक्षक की नियुक्ति
     (a) कौन लागत अंकेक्षक नियुक्त कर सकता है?
     (b) कार्यकाल (सेवा अवधि)
     (c) नियुक्ति से छूट
9. लागत अंकेक्षक की शक्तियां एवं कर्तव्य
10. लागत अंकेक्षक का दायित्व
11. लागत अंकेक्षक का अतिरिक्त दायित्व

 

Link : https://smckk14.blogspot.com/2023/02/management-audit-meaning-advantages.html

1.लागत अंकेक्षण का अर्थ:

लागत अंकेक्षण में लागत अभिलेख /प्रपत्र /लेखा -बही की जांच करना शामिल होता है। यह अंकेक्षण रखे गए लागत अभिलेखों के द्वारा उत्पादन की लागत, बिक्री की लागत एवं उत्पाद पर लाभ का सही, निष्पक्ष और उचित परिदृश्य प्रस्तुत करता है।

कंपनी अधिनियम, 2013 की धारा 148 के अंतर्गत आने वाली विशिष्ट कंपनियों के लिए लागत अंकेक्षण अनिवार्य है। 

2. लागत अंकेक्षण की परिभाषा:

(i) ICWAI के अनुसार :

"लागत अंकेक्षण व्ययों के संदर्भ में स्वच्छ विवरणों सहित एक विवरण है जो एक प्रक्रिया के दौरान चालू कार्य से संबंधित होता है।" 

(ii) आर डब्ल्यू डॉसन के अनुसार:

"लागत अंकेक्षण लागत खातों की शुद्धता का सत्यापन करता है तथा लागत लेखों के अनुपालन को स्थापित करता है।" 

(iii) स्मिथ एंड डे के अनुसार:

"लागत अंकेक्षण लागत प्रक्रिया, तकनीकों एवं खातों की विस्तृत जांच है ताकि उनकी विश्वसनीयता ज्ञात हो सके एवं लागत लेखांकन के उद्देश्य को सिद्ध किया जा सके।"

3. लागत अंकेक्षण के उद्देश्य:

(I) सामान्य उद्देश्य:

(i) लागत लेखों /अभिलेखों की शुद्धता की जानकारी प्राप्त करना,

(ii) लागत लेखों में किए गए छल -कपट एवं चोरी की जानकारी प्राप्त करना,

(iii) यह जानकारी प्राप्त करना कि लागत निर्धारण में प्रयुक्त विधियों तथा निर्णय का पालन सही में किया जा रहा है या नहीं,

(iv) यह जानकारी प्राप्त करना कि लागत लेखों को तैयार करने में अधिनियम एवं निर्देशों का पालन किया गया है या नहीं,

(v) लागत विचारणों की मूल्यांकन करना, चाहे वह नियमों के तहत एवं अभिलेख के आधार पर तैयार किए गए हो, जो कि उत्पादन लागत एवं विपणन की सही स्थिति दर्शाते हो,

(vi) सामग्री और समय की असामान्य हानि पर नियंत्रण एवं पता लगाना,

(vii) लागत लेखांकन एवं वित्तीय लेखांकन में सामजस्य स्थापित करना,

(viii) लागत व्ययों का विश्लेषण कर उत्पादक एवं अनुत्पादक  व्ययों में अंतर स्पष्ट करना,

(ix) उत्पादन में शामिल लागत की सटीकता की जांच करना। पुराने अभिलेख के द्वारा निर्माण प्रक्रिया और जॉब का तुलनात्मक अध्ययन करना चाहिए,

(x) कर्मचारियों की लागत के प्रति जागरूकता पैदा करना,

(xi) स्टॉक के मूल्यांकन की जांच करना,

(xii) कर्मचारियों की दक्षता की जानकारी,

(II) सरकार के दृश्टिकोण दृष्टिकोण से लागत अंकेक्षण के उद्देश्य:

(i).यह जांच करना चाहिए, कि क्या किसी उद्योग को प्रोत्साहन, विकास एवं विस्तार के लिए अनुदान देना चाहिए। निवेशकों, उपभोक्ताओं और उत्पादकों के अनुसार मूल्य निर्धारित नहीं किया जाना चाहिए। यह आवश्यक है कि उत्पाद का मूल्य वैश्विक बाजार के आधार पर निश्चित किया जाना चाहिए, ताकि सरकार उत्पाद के निर्यात के द्वारा विदेशी मुद्रा भंडार बढ़ा सके। 

(ii) यह जानकारी होना चाहिए कि क्या उद्योग को सुरक्षा की आवश्यकता है और ऐसी सुरक्षा पहले से दी जा चुकी है तो क्या इसे हटा दिया जाना चाहिए या जारी रखना चाहिए या कम कर दिया जाना चाहिए। 

(iii) सुरक्षा के विस्तार या हटाने का निर्णय के लिए टैरिफ बोर्ड का सहायक होना चाहिए।

(iv) यह निश्चित करना कि तैयार माल पर उत्पाद शुल्क कम किया जाना चाहिए या नहीं या हटाया जाना चाहिए। 

(v) प्रबंध की गलत नीतियों को सामने लाना चाहिए। 

(vi) विक्रय मूल्य निर्धारित करना चाहिए। 

(vii) कम मूल्य पर माल की आपूर्ति के लिए अनावश्यक व्यय एवं हानि को कम करके उत्पादन उत्पादन लागत कम करना चाहिए।

(III) निर्माता के दृष्टिकोण से लागत अंकेक्षण का उद्देश्य:

(i) सामग्री व श्रम के क्षय की जांच,

(ii) Quotation भेजने के लिए कीमत निर्धारित करना,

(iii) विभिन्न इकाइयों में होने वाले लाभ की जानकारी रखना। 

(iv) कम लाभ देने वाली इकाइयों के उत्पादन पर रोक लगाना तथा अधिक लाभ देने वाली इकाइयों पर ध्यान देना,

(v) आंतरिक नियंत्रण एवं जांच, जो कि वित्तीय अंकेक्षण के लिए सहायक होना चाहिए। 

(vi) स्टॉक के मूल्यांकन एवं निर्माण कार्य के समापन के विभिन्न स्तर पर जांच करना विशेष रूप से वित्तीय वर्ष के समापन पर,

(vii) नियमों एवं क्रियाओं के लागू करने में प्रबंध की सहायता करना,

(viii) लागत नियंत्रण तकनीकी की दक्षता का जांच करना,

(ix) नवीनतम आवश्यक सूचनाओं को उपलब्ध कराना,

(x) लागत अंकेक्षण के रिपोर्ट के आधार पर भविष्य की नीतियों का निर्धारण में प्रबंध को तैयार करना,

4. लागत अंकेक्षक की योग्यता धारा 148 के अनुसार:

(i). ICWAI, 1959 के अनुसार लागत अंकेक्षक एक  लागत लेखाकार होना चाहिए तथा

(ii) उसके पास ICWAI के द्वारा जारी practice प्रमाण पत्र होना चाहिए। 

लागत अंकेक्षण के रूप में एक व्यक्ति लागत लेखाकार या लागत लेखाकार फर्म का व्यक्ति या एक LLP (Limited liability partnership) हो सकता है, जो सभी लागत लेखाकार के रूप में practice करते हैं। उन्हें नियुक्त किया जा सकता है। लागत लेखाकार के फर्म का गठन, 1959 `में एक अधिनियम Cost and works accountant पारित किया गया और ICWAI एक संस्था के रूप में स्थापित किया गया। जिसका अनुमोदन केंद्र सरकार के द्वारा किया गया है।

5. लागत अंकेक्षक की अतिरिक्त अयोग्यताएं:

निम्नलिखित व्यक्ति लागत अंकेक्षक के रूप में अयोग्य माने जाते हैं -

(i).कोई भी कॉरपोरेट्स निकाय, जबकि  एलएलपी अधिनियम, 2008 के अनुसार  पंजीकृत लागत लेखाकार के रूप में नियुक्त हो सकता है। 

(ii) कोई भी व्यक्ति जो कंपनी का अधिकारी या कर्मचारी हो,

(iii) यदि कोई व्यक्ति जो धारा 139 के अंतर्गत कंपनी अंकेक्षक, अधिकारी या कर्मचारी या कंपनी का साझेदार हो,

(iv) यदि कोई व्यक्ति स्वयं या उसका कोई रिश्तेदार कंपनी या उसके सूत्रधारी /सहायक /सहयोगी कंपनी का साझेदार हो या कंपनी के हित को धारण करता हो,

(v) यदि किसी व्यक्ति या उसके रिश्तेदार के पास कंपनी का ₹100000 से अधिक मूल्य का हित धारण करता हो,

(vi) यदि कोई व्यक्ति कंपनी के सूत्रधारी /सहायक /सहयोगी कंपनी से  ₹5,00,000 या उससे अधिक ऋण ले चुका हो,

(vii) यदि कोई व्यक्ति किसी कंपनी या उसकी सूत्रधारी /सहायक /सहयोगी कंपनी के लिए ₹100000 ऋण के संबंध में गारंटी दिया हो,

(viii) ऐसा व्यक्ति जिसकी कंपनी या उसकी सूत्रधारी /सहायक /सहयोगी कंपनी के साथ व्यापारिक संबंध हो,

(ix) ऐसा व्यक्ति या जिसका रिश्तेदार कंपनी का निर्देशक या संचालक या प्रबंधकीय निर्णय में प्रमुख स्थान रखता हो

10.एक व्यक्ति जो पूर्णकालिक रोजगार में कहीं और हो या किसी व्यक्ति या साझेदारी फर्म में रोजगार करता हो जो कंपनी के लेखक 16 के रूप में नियुक्त कर रहा हो यदि ऐसा व्यक्ति या पर नियुक्ति की तिथि पर अधिक से लेखा परीक्षक के रूप में नियुक्त 20 कंपनियां

(xi) ऐसा व्यक्ति जिसे छल कपट के लिए दोषी पाया गया हो और सजा के तिथि के बाद से 10 वर्ष की अवधि समाप्त नहीं हुई हो,

(xii) ऐसा व्यक्ति जो लागत लेखाकार की नियुक्ति की तिथि पर कंपनी या उसके सहायक /सहयोगी या अन्य किसी रूप में कार्य कर रहा हो, जो धारा 144 के अंतर्गत विशेष रूप से दर्ज हो।

6. लागत अंकेक्षण का महत्व /आवश्यकता /लाभ:

(i).अनिवार्य लागत अंकेक्षण:

केंद्र सरकार कुछ श्रेणियों की कंपनियों को अंकेक्षण के अनुसार लागत लेखों को सुरक्षित रखने के लिए अधिसूचित कर सकती है। 

(ii) मूल्य निर्धारण निर्णय संबंधी:

प्रत्येक कंपनी अपने उत्पाद की कीमत अधिक नहीं चाहती है, क्योंकि कंपनी बाजार से बाहर हो जाएगी। साथ ही साथ कंपनी अपने उत्पाद की कीमत कम रखकर नुकसान भी नहीं चाहती है, इसलिए कंपनी मूल्य निर्धारण में प्रबंध का निर्णय आवश्यक मानती है। 

(iii) उपभोक्ताओं के लिए:

उत्पाद के सही मूल्य निर्धारण के लिए लागत अंकेक्षण से उत्पाद की लागत ज्ञात की जाती है। उपभोक्ताओं को उचित मूल्य पर वस्तुएं उपलब्ध हो जाती हैं। 

(iv) सरकार के लिए:

सरकार वस्तुओं और सेवाओं के उत्पादन का सही लागत जानना चाहती है। साथ ही साथ उद्योग को Subsidy, छूट व अनुदान देने के लिए उत्पादन लागत के सही आंकड़ों की जानकारी एवं आवश्यकता होती है। 

(v) प्रबंधकीय निर्णय के लिए:

लागत अंकेक्षण वस्तु /उत्पाद के सही/ उचित मूल्य निर्धारण में प्रबंध की सहायता करती है। 

(vi) कराधान के लिए:

कराधान के नियम के अनुसार, कर निर्धारण के लिए उत्पादन लागत के सही आंकड़ों का आवश्यकता होती है। विशेषकर अप्रत्यक्ष कर जैसे - उत्पाद शुल्क, सेवा कर इत्यादि।

7. लागत अंकेक्षण के संबंध में कानूनी नियम /वैधानिक नियम:

कंपनी (लागत अभिलेख एवं अंकेक्षण) नियम, 2014

केंद्र सरकार ने लागत लेखों के रखरखाव को नियंत्रण करने के लिए यह नियम पारित किया है। ऐसी सभी कंपनी (विदेशी कंपनी को शामिल कर) जो तालिका 'A' और तालिका 'B'  के अनुसार वस्तुओं का उत्पादन व सेवाएं प्रदान करते हैं तथा जिसको पहले वित्तीय वर्ष में ₹35,00,000 से अधिक का Turnover होगा। उसे लागत लेखों को रखना अनिवार्य होगा। 

ऐसी विदेशी कंपनी जिनका भारत में संपर्क कार्यालय है और वह तालिका 'B' में सूचीबद्ध उपकरणों का उत्पादन, आयात, आपूर्ति या व्यापार करती है उन्हें इस प्रावधान से छूट दी गई है। 

सूक्ष्म, लघु और मध्यम उधम विकास अधिनियम, 2006 की धारा 7 (9) के टर्नओवर मापदंड के अनुसार सूक्ष्म, लघु उधम वाली कंपनियों को छूट दी गई है। वह कंपनी जो वस्तुओं और सेवाएं का निर्यात करती हैं और जिनका राजस्व उनके कुल विदेशी मुद्रा राजस्व के 75% से अधिक है या SEZ's में काम कर रही हैं, उन्हें भी छूट दी गई है।

वस्तुएं एवं सेवाएं जिनके उत्पादन पर लागत लेखा रखना आवश्यक होता है

तालिका 'A' में सूचीबद्ध नियंत्रित एवं तालिका 'B' में सूचीबद्ध गैर - नियंत्रित, निम्नलिखित वस्तुओं और सेवाओं के लिए लागत लेखा का रखरखाव आवश्यक है।

Table 'A' (Regulated Items)

(i). Telecommunication services

(ii) Generation, transmission, distribution and supply of electricity.

(iii) Petroleum products.

(iv) Drugs and Pharma.

(v) Fertilizers.

(vi) Sugar and Industrial Alcohol.

Table 'B' (Non-regulated Items)

(1). Machines and Mechanical appliances used in defence, Space and atomic energy sectors excluding ancillary items.

(2) Turbo Jets and Propellers.

(3) Arms and Ammunition.

(4) Propellant powder, Prepared explosive, Safety fuses, Detonating fuses, Ignitions, Electronic Detonators.

(5) Radar appliances, Radio navigational aid and remote control appliances (radio)

(6) Tanks &Armoured fighting vehicles, whether fixed with weapons, parts of them funded up to 90% or more by govt. or Govt. agencies.

(7) Specified port services

(8) Specified Aeronautical services

(9) Steel

(10) Roads & Other Infrastructure projects

(11) Rubber & Allied products

(12) Cement

(13) Basic metals

(14) Mineral, Fuels, Oils etc.

(15) Railway, Tramway, Locomotives, Rolling stock, Fixtures & Fittings, Traffic signalling system,

(16) Ores, Mineral products

(17) Inorganic chemicals, Organic & Inorganic compounds of precious metal, Metals of radioactive elements etc.

(18) Jute & Jute products

(19) Edible oils

(20) Construction Industry

(21) Health services, Hospitals, Diagnostic & Clinical Centre

(22) Education services, excluding Philanthropic & Non-profit services

(23) Production, Import & Supply or Trading of specified devices like Stents, Catheters, Lenses, Heart valves, Orthopaedic implants, Prosthetic implants, Brain stimulators etc.

Other Non-regulated sectors:

(i). Coffee and Tea

(ii) Milk Powder

(iii) Insecticides

(iv) Plastics

(v) Tyres and tubes

(vi) Papers

(vii) Textiles

(viii) Glasses

(ix) Other machinery

(x) Electric or Electronic machinery

Maintenance of Cost accounts and Audit:

	Table A	Table B
Maintenance of cost accounting records	If aggregate turnover of goods and services by the company is ₹ 35 crore or more	If aggregate turnover of goods and services produced by the company is ₹ 35 crore or more
Cost audit	If aggregate turnover of goods and services produced by the company in the immediately preceding year is 50 crore or more	If aggregate turnover of goods and services produces by the company in the immediately preceding year is ₹100 crores or more
	If the aggregate turnover of any individual product and /or services satisfies the requirement of maintenance of cost records ₹ 25 crore or more	If the aggregate turnover of any individual product and /or services satisfies the requirement of maintenance of cost records ₹ 35 crore or more

 

8. लागत अंकेक्षक की नियुक्ति:

(a) कौन लागत अंकेक्षक नियुक्त कर सकता है?

लागत अंकेक्षक, कंपनी के अंकेक्षण कमेटी द्वारा नियुक्ति की जाती है। अन्य दशा में बोर्ड ऑफ डायरेक्टर द्वारा किया जाता है। 

नियम, 2019 के अनुसार लागत अंकेक्षक का प्रैक्टिस में होना अनिवार्य नहीं है। नियुक्ति के लिए अंतिम अधिकार अंशधारकों के पास निहित होता है। जो कि अंकेक्षण समिति या बोर्ड ऑफ डायरेक्टर्स के निर्णय को पुष्टि करते हैं। 

कंपनी को लागत अंकेक्षण की नियुक्ति के लिए केंद्र सरकार की अनुमति की आवश्यकता नहीं होती है। 

(b) कार्यकाल (सेवा अवधि):

लागत लेखाकार वित्तीय वर्ष के समाप्ति से 180 दिन के अंदर तक या अपनी रिपोर्ट प्रस्तुत करने तक पद पर बना रहेगा। 

किसी भी आकस्मिक स्थिति  जैसे पंजीकरण, निष्कासन या मृत्यु के कारण हो, तो बोर्ड ऑफ डायरेक्टर्स के द्वारा 30 दिनों के भीतर रिक्त पद भरा जाएगा। जिसकी सूचना कंपनी द्वारा केंद्र सरकार को 30 दिनों के अंदर दी जाएगी। 

(c) नियुक्ति से छूट:

एमएसएमई के अंतर्गत आने वाले सभी कंपनी में लागत अंकेक्षक की नियुक्ति आवश्यक नहीं होती है। 

कंपनी का निर्यात राजस्व, कुल  राजस्व का 50% से अधिक से अधिक हो। 

SEZ's कार्य में शामिल कंपनियां

9. लागत अंकेक्षक की शक्तियां एवं कर्तव्य:

धारा 139 के अंतर्गत लागत अंकेक्षक की शक्तियां एवं कर्तव्य वैधानिक अंकेक्षक के समान होती है।

लागत लेखाकार BOD को अपना रिपोर्ट प्रस्तुत करता है तथा BOD, 30 दिनों के अंदर केंद्र सरकार को प्रस्तुत करना होता है। जिसमें प्रतियोगिता का स्पष्टीकरण दर्ज रहता है।

10. लागत अंकेक्षक का दायित्व:

मुख्य दायित्व - लागत अधिनियम, 2013 के अंतर्गत निर्धारित लागत लेखाकार के कार्य का निष्पादनकरना है।

11. लागत अंकेक्षक का अतिरिक्त दायित्व:

(i) लागत अंकेक्षण रिपोर्ट को CLB (Company Law Board) को जमा करना ।

(ii) लागत अंकेक्षण से संबंधित रिपोर्ट वित्तीय वर्ष की समाप्ति के 120 दिन के अंदर प्रस्तुत करना। 

(iii) पेशेवर दुराचार के लिए, ICWAI उनकी सदस्यता समाप्त कर सकती है या 4 वर्ष से अधिक वर्ष की अवधि के लिए उनका नाम रजिस्टर से हटा सकती है।