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of <h1>Indian Ministry Revises Cost Audit Rules: Key Changes for Telecom, Electricity, Petroleum, Pharmaceuticals under Companies Act 2013.</h1> The Companies (Cost Records and Audit) Amendment Rules, 2016, issued by the Indian Ministry of Corporate Affairs, modify the 2014 rules under the Companies Act, 2013. Key changes include the redefinition of 'cost audit report' and updates to regulated and non-regulated sectors, specifying industries like telecommunications, electricity, petroleum, and pharmaceuticals. Amendments also address the appointment and removal of cost auditors, requiring written consent and certificates of eligibility. The rules mandate that cost statements be approved by the Board of Directors and submitted to the cost auditor. Companies must submit cost audit reports to the Central Government within 30 days of receipt.
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