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Cost audit requirement: specified companies must maintain prescribed cost records and undergo audits by appointed Cost Accountants. Central Government may order specified classes of companies to include prescribed cost particulars in their books and may direct cost audits for classes meeting prescribed net worth or turnover thresholds. Cost audits must be conducted by a Board appointed Cost Accountant (not the section 139 auditor) in accordance with cost auditing standards issued by the Institute of Cost and Works Accountants with Central Government approval. Cost audit is additional to the audit under section 143. The cost accountant shall report to the Board and the company must furnish the report and explanations to the Central Government within thirty days; further information may be called for. Non compliance attracts penalties under section 147.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Cost audit requirement: specified companies must maintain prescribed cost records and undergo audits by appointed Cost Accountants.</h1> Central Government may order specified classes of companies to include prescribed cost particulars in their books and may direct cost audits for classes meeting prescribed net worth or turnover thresholds. Cost audits must be conducted by a Board appointed Cost Accountant (not the section 139 auditor) in accordance with cost auditing standards issued by the Institute of Cost and Works Accountants with Central Government approval. Cost audit is additional to the audit under section 143. The cost accountant shall report to the Board and the company must furnish the report and explanations to the Central Government within thirty days; further information may be called for. Non compliance attracts penalties under section 147.
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