Master Circular on Cost Accounting Records and Cost Audit
THE Ministry of Corporate Affairs has issued a Master Circular concerning Cost Accounting.
++ Cost Auditor cannot also be the internal auditor of a Company for the period for which he is conducting cost audit.
++ A cost auditor shall be deemed to have concluded his appointment for the relevant financial year as soon as he renders a report to the Central Government in accordance with the Cost Audit Report Rules, as applicable.
++ The cost auditor, wherever appointed, shall attend and participate at the meetings of the Audit Committee or the Board, as the case may be, but shall neither be a member nor have the right to vote.
MCA Master Circular No. ., Dated: November 11, 2011