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of <h1>New Procedures for Appointing Cost Auditors u/s 233B(2) of the Companies Act Effective April 2011.</h1> The Ministry of Corporate Affairs has revised the procedure for appointing cost auditors under section 233B(2) of the Companies Act, 1956. Companies must appoint a qualified cost accountant, with the Audit Committee overseeing the selection process to ensure compliance and independence. Applications must be submitted electronically within ninety days of the financial year's start, and deemed approved unless otherwise notified within thirty days. The company must disclose cost auditor details in its annual report. Non-compliance by companies or auditors may result in penalties. These procedures apply from April 1, 2011, and the Institute is requested to inform its members.
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