Performance Appraisal Report requires cost auditors to cover capacity, productivity, cost and profitability analyses, with management-set frequency. Form III prescribes the Performance Appraisal Report format for cost auditors under the Companies (Cost Audit Report) Rules, 2011, listing indicative analytical areas-capacity utilization, productivity/efficiency, utilities/energy efficiency, key costs and contribution, product/service and market/customer profitability, working capital and inventory management, manpower analysis, IFRS impact on cost structure, and application of management accounting tools-and requires date, place, signature and membership number(s); inclusion of areas and reporting frequency are to be decided by company management.