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of <h1>Understanding Key Terms in Companies (Cost Records and Audit) Rules, 2014: Cost Accountant, Cost Auditor, Cost Records</h1> The Companies (Cost Records and Audit) Rules, 2014, under the Companies Act, 2013, define key terms related to cost accounting and auditing. 'Act' refers to the Companies Act, 2013. A 'Cost Accountant in practice' is a certified professional under the Cost and Works Accountants Act, 1959. A 'cost auditor' is a Cost Accountant appointed by the Board. 'Cost audit report' is the signed report on cost records and statements. 'Cost records' pertain to materials, labor, and costs in production or services. 'Indian Accounting Standards' are those under the 2015 rules. 'Institute' refers to the Institute of Cost Accountants of India. Unspecified terms adopt meanings from the Act or related rules.
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