https://www.taxtmi.com/article/detailed?id=12016 The Central Government may require specified classes of companies to maintain cost records and may direct mandatory cost audits where turnover and product/service thresholds are met; the cost auditor- a practicing cost accountant-must be board appointed, comply with cost auditing standards, and submit an audit report that the company must furnish to the Central Government within thirty days with explanations on qualifications. Noncompliance attracts fines, auditor penalties (including remuneration linked caps), potential imprisonment for willful deception, refund and damages liabilities on conviction, and joint/several partner liability for audit firms, while factual disputes on industry classification and limitation are to be addressed at trial. en-us Fri, 03 Nov 2023 12:25:10 +0530 Fri, 03 Nov 2023 12:25:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12016 The Central Government may require specified classes of companies to maintain cost records and may direct mandatory cost audits where turnover and product/service thresholds are met; the cost auditor- a practicing cost accountant-must be board appointed, comply with cost auditing standards, and submit an audit report that the company must furnish to the Central Government within thirty days with explanations on qualifications. Noncompliance attracts fines, auditor penalties (including remuneration linked caps), potential imprisonment for willful deception, refund and damages liabilities on conviction, and joint/several partner liability for audit firms, while factual disputes on industry classification and limitation are to be addressed at trial. Articles Corporate Laws / IBC / SEBI Fri, 03 Nov 2023 12:25:10 +0530 https://www.taxtmi.com/article/detailed?id=12016