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of <h1>New MCA Rules for Cost Auditor Appointments: Deadlines, Form Corrections, and Penalties under Companies Act, 1956.</h1> The circular from the Ministry of Corporate Affairs outlines procedures for appointing cost auditors by companies, effective from January 1, 2013. Companies must issue a formal appointment letter to the cost auditor within 30 days of MCA approval, and the auditor must inform the government within 30 days of receiving this letter. In case of auditor changes due to death, companies can file a new form without additional fees within 90 days. For other changes, a new form with applicable fees is required, specifying reasons. The MCA21 system will limit audit approvals per section 224(1-B) of the Companies Act, 1956. Errors in forms must be corrected before approval, or new forms must be filed with fees. Non-compliance will result in penalties under the Companies Act, 1956.
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