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of <h1>India Mandates Cost Audits for Companies in Key Industries with Turnover Over 100 Crores, Penalties for Non-Compliance.</h1> The Government of India issued a Cost Audit Order mandating that companies subject to the Companies (Cost Accounting Records) Rules, 2011, with a turnover exceeding 100 crores or listed securities, must have their cost accounting records audited. This applies to industries such as cement, tyres, steel, paper, insecticides, glass, paints, and aluminium. Companies must appoint a cost auditor following the Ministry of Corporate Affairs' guidelines, and submit reports to the government as per the Companies (Cost Audit Report) Rules, 2011. Non-compliance will result in penalties under the Companies Act, 1956. This order excludes companies governed by special acts.
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