Cost audit requirement: companies must maintain prescribed cost records and submit cost audit reports to government. The Central Government may direct specified classes of companies to maintain particulars of material, labour and other prescribed cost items and, where necessary, order a statutory audit of those cost records for companies meeting prescribed thresholds. Such cost audit must be conducted by a Board appointed cost accountant, separate from the statutory auditor, adhering to cost auditing standards. The cost auditor reports to the Board; the company must furnish that report and explanations to the Central Government within thirty days, supply further information on request, and face penalties for defaults.