Master circular on Cost Accountlna Records and Cost Audit.

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....ew Delhi - 110003 Dated the November 11, 2011 To,   The President,   Institute of Cost and Works Accountants of India,   12, Sudder Street   Kolkata - 700016   Subject: Master ocular on Cost Accountlna Records and Cost Audit Sir,   Ministry has from time-to-time issued number of circulars with regard to various matters concerning cost accoun....

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....dit for one or all of the company's products/activities.   (b) The specified number of companies for the purpose of section 233B (2) read with section 224 (1B) of the Companies Act. 1956 is to be computed f0r.a given financial year with reference to the number of companies wherein he has been appointed as the cost auditor, including those wherein he is proposed to be appointed for which he....

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.... duties of the Cost accountants appointed 10 conducts on audit of cost accounts of the company flow directly from the provisions contained under section 233B of the Companies Act, 1956. As such they should, in strict compliance therewith and in compliance with the Cost Audit Report Rules in force, ensure that full and complete details of cost accounts are furnished in their cost audit reports. (e)....

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....icate from them.   (g) Sub-section (6) of section 292A of the Companies Act. 1956 states that the Audit Committee should have discussions with the auditors periodically about internal control systems, the scope of audit including the observations of the auditors and review the half yearly and annual financial statements before submission to the ' Board and also ensure compliance on interna....