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of <h1>Central Government Can Direct Cost Audits Under Section 233B of Companies Act, 1956; Non-Compliance May Lead to Penalties.</h1> Section 233B of the Companies Act, 1956, mandates that the Central Government can direct a cost audit for certain companies if deemed necessary. This audit is conducted by a cost accountant, or in some cases, a qualified chartered accountant. The auditor is appointed by the company's Board with prior government approval and has the same powers and duties as regular auditors. The company must assist the auditor and provide explanations on any audit reservations. Non-compliance can result in fines up to fifty thousand rupees and imprisonment for officers in default. The government may require parts of the audit report to be shared with shareholders.
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