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of <h1>New Circular on Cost Auditing: Key Provisions and Roles for Compliance with Companies Act, Section 233B.</h1> The Master Circular on Cost Accounting Records and Cost Audit, issued by the Ministry of Corporate Affairs, consolidates previous circulars and outlines key provisions for cost auditors. It prohibits cost auditors from serving as internal auditors for the same period, specifies the calculation of the number of companies under audit, and clarifies the conclusion of an auditor's appointment upon report submission. It mandates compliance with Section 233B of the Companies Act, 1956, and requires detailed cost audit reports. The circular also emphasizes the role of cost auditors in audit committees, ensuring effective cost management and resource utilization.
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