https://www.taxtmi.com/circulars?id=11380 Master circular mandates that cost auditors must not serve as internal auditors for the same period to protect cost auditor independence, and that the statutory ceiling on appointments for a financial year counts consents and overdue reports. Appointment concludes on submission of the cost audit report to the Central Government; auditors remain subject to queries but may accept new appointments if the ceiling is not exceeded. Reports must fully disclose cost accounts, include prior-year data (with management-certified figures where applicable), and, where a firm is appointed, be signed by the responsible partner with membership number. Cost auditors must attend audit committee or board discussions on internal controls and cost-audit observations but are not members and have no vote. en-us Fri, 11 Nov 2011 00:00:00 +0530 Wed, 16 Nov 2011 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=11380 Master circular mandates that cost auditors must not serve as internal auditors for the same period to protect cost auditor independence, and that the statutory ceiling on appointments for a financial year counts consents and overdue reports. Appointment concludes on submission of the cost audit report to the Central Government; auditors remain subject to queries but may accept new appointments if the ceiling is not exceeded. Reports must fully disclose cost accounts, include prior-year data (with management-certified figures where applicable), and, where a firm is appointed, be signed by the responsible partner with membership number. Cost auditors must attend audit committee or board discussions on internal controls and cost-audit observations but are not members and have no vote. Circulars Companies Law Fri, 11 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11380