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of <h1>Mandatory enhanced cost records and separate cost audits for certain companies, with 30-day filing and section 147 penalties.</h1> The Central Government may, by order, require specified classes of companies engaged in prescribed goods or services to maintain additional cost records, including prescribed particulars on utilisation of material, labour, and other cost items; where such companies are regulated under a special Act, the relevant regulatory body must be consulted before issuing the order, with the effect that enhanced cost-accounting disclosures become mandatory for the identified class. The Central Government may further direct cost audit of such cost records for covered companies meeting prescribed net worth or turnover thresholds; the audit must be conducted by a cost accountant appointed by the Board, excluding the statutory auditor, and in compliance with cost auditing standards, with the effect that a separate, standards-based cost audit operates in addition to the financial statement audit. The cost audit report is submitted to the Board and must be filed with the Central Government within 30 days, with defaults punishable under section 147.
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