https://www.taxtmi.com/news?id=1795 Companies required to maintain cost records must appoint a qualified cost accountant or firm with a valid certificate of practice. The Audit Committee (or Board where applicable) must propose the appointment, confirm absence of statutory disqualifications, and obtain a certificate of the auditor's independence. Companies must e-file the prescribed application with supporting documents; on filing the appointment is deemed approved unless the government directs otherwise within the statutory period, after which the company issues the formal appointment and the auditor must notify the government. Noncompliance attracts prescribed penalties and disclosure in the annual report is required. en-us Tue, 19 Apr 2011 18:46:24 +0530 Tue, 19 Apr 2011 18:46:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=1795 Companies required to maintain cost records must appoint a qualified cost accountant or firm with a valid certificate of practice. The Audit Committee (or Board where applicable) must propose the appointment, confirm absence of statutory disqualifications, and obtain a certificate of the auditor's independence. Companies must e-file the prescribed application with supporting documents; on filing the appointment is deemed approved unless the government directs otherwise within the statutory period, after which the company issues the formal appointment and the auditor must notify the government. Noncompliance attracts prescribed penalties and disclosure in the annual report is required. News - Tue, 19 Apr 2011 18:46:24 +0530 https://www.taxtmi.com/news?id=1795