cost auditor is appointed by the

COST AUDITOR: Who can be appointing as cost auditor: i.

As per sub section (3) of section 148 of Companies Act 2013, cost audit shall be conducted by a Cost Accountant in practice who shall be appointed by the Board on such remuneration as may be determined by the members in such manner as may be prescribed. 10. 5. To detect all errors or frauds in cost records. (b) Customer to carry out cost audit … The cost auditor is appointed to check the cost accounting records in order to ascertain their accuracy and also to ensure that the cost accounting plan as laid down by the company is carried out. Cost system must be different for different objectives and the cost auditor designs a system which works best and quickest. By external authorities such as, by-Government to conduct an audit on behalf of Government. Cost audit is an audit of actual performances. (b) Who can be appointed cost auditor? Every cost auditor appointed as such shall continue in such capacity till the expiry of one hundred and eighty days from the closure of the financial year or till he submits the cost audit report, for the financial year for which he has been appointed.
As per clause (c) of rule 2 of Companies (cost records and audit) Rules, 2014, Cost auditor means a Cost Accountant in practice, as defined in clause (b), who is appointed by the Board. The Government may appoint a cost auditor to conduct cost audit where it is necessary: (a) To do so in the opinion of the Government under section 233-B of the Companies Act, 1956; (b) To ascertain correct cost of certain units when Government is approached for protection or financial help; *Cost accountant term is defined under Rule 2(b) & 2(c) of the rules which means a cost accountant in practice. Only a Cost Accountant, as defined under section 2(28) of the Companies Act, 2013, can be appointed as a cost auditor.
6. 2. As per Clause (b) of rule 2, “Cost Accountant in practice” means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959), who holds a … ADVERTISEMENTS: (a) Government to conduct audit on behalf of Government.

Who can be appointing as cost auditor: A cost Accountant in practice or a … Pioneer Cement Limited Cost Audit Report, 2010 COST AUDITORS’ REPORT We, SIDDIQI & COMPANY, Cost & Management Accountants having been appointed to conduct an audit of cost accounts of PIONEER CEMENT LIMITED, have examined the books of account and the statement prescribed under clause (e) of sub-section 230 of the Companies

Cost audit, as mentioned u/s 148(2), shall be carried by Cost Accountant* who shall be appointed by Board of Directors of the company within 180 days from commencement of every Financial Year.

3.4 Verification and certification of annexures to the cost audit report. To verify that that cost accounts/records are accurate. According to section 148 (3) of Companies Act 2013, cost audit shall be conducted by Cost Accountant in Practice who shall be appointed by the Board on such remuneration as determined by the members in such a manner as may be prescribed. 3.3 Verification and certification of cost proformas maintained by the Company as per Companies (Cost record & audit) Rules, 2014. Appointment of Cost Auditors S. No. (ii) By external authorities such as, by—. What is the need of the Appointment of Auditor? This will be done on receipt of specific order from the Company Law Board for getting audited the Cost Accounting Records of a particular year for specified products. 3. thirty days of such appointment of cost auditor. Clause (b) of sub-section (1) of section 2 of the Cost … • A Cost Accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid certificate of practice (COP) under sub-section (1) of section 6 of Cost and Works Accountants Act, 1959 and including a Firm of Cost Accountants can be appointed by a Company as cost auditor. To introduce some sort of internal audit with a focus on costs to reduce the work of financial auditor. Sub: Appointment as Statutory Auditor for the financial year 2013-14. A cost Accountant in practice …


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