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of <h1>Companies Must Maintain Cost Records u/s 209(1)(d) or Face Consequences; Auditors to Report Non-Compliance Promptly.</h1> The circular from the Department of Company Affairs addresses the failure of some companies to maintain books of cost accounts as mandated under Section 209(1)(d) of the Companies Act, 1956, and the Cost Accounting Records Rules. It emphasizes the requirement for companies to keep proper books of accounts and grants access to these records to ensure compliance. The circular instructs cost auditors to report any non-maintenance or non-submission of cost records immediately, rather than waiting until after the financial year ends, to enable timely governmental action. Failure to report by auditors may result in action against them under the relevant provisions.
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