Advisory Service
Audit & Compliance Support
Comprehensive support for cost audits, internal audits, and statutory compliance — ensuring your organisation is always audit-ready.
Regulatory compliance in India is not a one-time event — it is an ongoing discipline that requires meticulous documentation, timely filings, and a clear understanding of evolving statutory requirements. For manufacturing companies subject to cost audit, GST compliance, and financial reporting obligations, the intersection of multiple regulatory frameworks creates a complex compliance landscape that demands expert management.
Malay Biswas & Co. provides specialised audit and compliance support services that ensure your organisation maintains continuous compliance readiness. Our approach is preventive rather than reactive — we help you establish systems, processes, and documentation practices that make compliance a natural byproduct of good business management, rather than a last-minute scramble before audit deadlines.
From cost audit preparation and cost records maintenance to financial statement analysis and GST-related costing assistance, we cover the full compliance spectrum. Our principal's 22+ years of direct industrial experience — including managing audit processes from the corporate side — gives us a unique understanding of what auditors look for and how organisations can prepare effectively.
Key Highlights
- Cost audit preparation & readiness assessment
- Cost records (CRA-1) setup & ongoing maintenance
- Internal audit documentation & process support
- Financial statement analysis & ratio commentary
- GST-related costing assistance & reconciliation
- Compliance calendar management & filing tracking
What We Deliver
Service Deliverables
Cost Audit Preparation Package
Complete pre-audit preparation including cost records verification, product-wise cost statement compilation, overhead allocation review, quantitative reconciliation, and management discussion point preparation — ensuring a smooth audit process.
Cost Records Maintenance (CRA-1)
Design, setup, and ongoing maintenance of cost records in the prescribed CRA-1 format. Includes cost framework configuration, ERP data integration, monthly record updates, and compliance monitoring against Cost Accounting Standards.
Audit Documentation Support
Preparation of audit working papers, management representation letters, compliance checklists, and supporting schedules required by statutory auditors, cost auditors, and internal audit teams.
Financial Statement Analysis
Detailed analysis of financial statements including ratio analysis, trend identification, peer comparison, segment-wise performance review, and management commentary — supporting board reporting and investor communication.
GST Costing Assistance
Reconciliation of cost records with GST returns, verification of input tax credit eligibility on cost elements, preparation of cost-based valuations for captive consumption and related party transactions, and GST audit support.
Compliance Calendar & Tracking
A comprehensive compliance calendar covering all statutory filing deadlines — cost audit, GST returns, annual returns, board meeting requirements — with advance reminders, responsibility assignment, and completion tracking.
Is This Relevant For You?
Who Needs This Service
Common Questions
Frequently Asked Questions
Cost audit preparation is the process of organising and verifying all cost records, cost statements, and supporting documentation before the cost auditor begins their examination. Proper preparation significantly reduces audit time, minimises auditor queries, and reduces the risk of qualified opinions or observations. Think of it as ensuring your house is in order before the inspection.
Financial bookkeeping records transactions by nature (expenses, revenues) for statutory reporting. Cost records maintenance under CRA-1 requires recording costs by product, process, activity, and cost centre — following Cost Accounting Standards (CAS) for material, labour, overhead, and administrative costs. It's a parallel, more granular system focused on cost visibility rather than financial compliance alone.
Yes, this is a common starting point. We assess your existing financial data and ERP outputs, design a CRA-1 compliant cost framework, configure the necessary templates or ERP reports, and populate the initial records. We then provide ongoing maintenance support — either as a fully outsourced service or by training your in-house team.
GST and cost accounting intersect in several critical areas: valuation of captive consumption (CAS-4/Rule 30), ITC eligibility on cost elements, cost-based transfer pricing for related party transactions, and reconciliation of cost records with GST returns. We provide specialised support to ensure your cost records and GST filings are consistent and audit-proof.
We maintain a consolidated compliance calendar that maps all statutory obligations — cost audit deadlines, GST filing dates, annual return due dates, board meeting requirements — into a single tracking system. Each item is assigned an owner, a preparation timeline, and an escalation protocol. This integrated approach prevents compliance gaps that often arise when different obligations are managed in silos.
Absolutely. We provide on-call support during cost audits, statutory audits, and GST audits — including attending audit meetings, providing clarifications on cost records and allocations, compiling additional documentation requested by auditors, and reviewing draft audit observations before they are finalised.
Ready to Get Started?
Schedule a confidential consultation with our CMA practitioner. We'll review your requirements and provide a clear roadmap.