Thursday, September 15, 2011

THE COMPANIES (COST AUDIT REPORT) RULES, 2011

The Ministry of Corporate Affairs has issued a notification notifying the companies (cost audit report) rules, 2011. These rules shall apply to every company in respect of which an audit of the cost records has been ordered by central government under section 233(1) of the companies act, 1956. The rules specify the manner and the mode of appointment of a cost auditor, form of cost audit report, timeline for submission of the cost audit report, rights of cost audit in relation to the production of the accounting records, penalty for contravention of the rules.

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