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of <h1>Clarification on Appointing Cost Auditors: Board's Role, Government Approval, and Audit Limits u/ss 224 and 233B.</h1> The circular clarifies the appointment process of Cost Auditors under Sections 224(1B) and 233B(2) of the Companies Act, 1956. It states that the Board of Directors must appoint a Cost Auditor with prior approval from the Central Government, ensuring the auditor does not exceed the audit limit specified under Section 224. The appointment is finalized once the company formally notifies the auditor. Additionally, a Cost Auditor's term is considered concluded upon submitting the audit report to the Central Government, allowing them to accept new appointments if within the permissible audit limit. This clarification is to be published in the relevant professional journal.
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