https://www.taxtmi.com/acts?id=15583 Central Government may order specified classes of companies to include prescribed cost particulars in their books and may direct cost audits for classes meeting prescribed net worth or turnover thresholds. Cost audits must be conducted by a Board appointed Cost Accountant (not the section 139 auditor) in accordance with cost auditing standards issued by the Institute of Cost and Works Accountants with Central Government approval. Cost audit is additional to the audit under section 143. The cost accountant shall report to the Board and the company must furnish the report and explanations to the Central Government within thirty days; further information may be called for. Non compliance attracts penalties under section 147. en-us Wed, 21 Dec 2011 14:50:48 +0530 Wed, 21 Dec 2011 14:52:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=15583 Central Government may order specified classes of companies to include prescribed cost particulars in their books and may direct cost audits for classes meeting prescribed net worth or turnover thresholds. Cost audits must be conducted by a Board appointed Cost Accountant (not the section 139 auditor) in accordance with cost auditing standards issued by the Institute of Cost and Works Accountants with Central Government approval. Cost audit is additional to the audit under section 143. The cost accountant shall report to the Board and the company must furnish the report and explanations to the Central Government within thirty days; further information may be called for. Non compliance attracts penalties under section 147. Act-Rules Bills Wed, 21 Dec 2011 14:50:48 +0530 https://www.taxtmi.com/acts?id=15583