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of <h1>Government May Mandate Cost Details in Company Accounts; Cost Audits Required for Certain Companies Per Section 148.</h1> The Central Government is empowered to mandate the inclusion of cost-related particulars in the accounts of certain companies involved in specified goods or services. Before doing so for companies regulated by a special Act, consultation with the relevant regulatory body is required. If deemed necessary, the government can order a cost audit for companies meeting prescribed net worth or turnover criteria. This audit, conducted by a cost accountant appointed by the Board, is additional to the regular audit and must adhere to standards set by the Institute of Cost Accountants of India. Companies must submit the cost audit report to the Central Government, and any non-compliance can lead to penalties for the company and its officers.
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