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of <h1>Ministry Clarifies Cost Accounting Rules: Simple Compliance, Eight-Year Record Keeping, and Auditor Independence Requirements Explained.</h1> The circular issued by the Ministry of Corporate Affairs provides clarifications on the applicability and compliance requirements for cost accounting records and cost audits under the Companies (Cost Accounting Records) Rules, 2011. Companies covered by these rules need only file a simple compliance report using Form-B, without additional cost record details. Companies subject to these rules for the first time must maintain cost records for eight years. The definition of 'Turnover' excludes taxes and duties. For cost audits, companies can submit consolidated reports if multiple products are audited. Cost auditors must maintain independence and cannot provide certain services to the audited company.
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