Rule 14 - Remuneration of the Cost Auditor. - Companies (Audit and Auditors) Rules, 2014.

14. Remuneration of the Cost Auditor.- For the purpose of sub-section (3) of section 148,- (a) in the case of companies which are required to constitute an audit committee- (i) the Board shall appoint an individual, 1 [who is a cost accountant], or a firm of cost accountants in practice, as cost auditor on the recommendations of the Audit committee, which shall also recommend remuneration for such cost auditor; (ii) the remuneration recommended by the Audit Committee under (i) shall be considered and approved by the Board of Directors and ratified subsequently by the shareholders; (b) in the case of other companies which are not required to constitute an audit committee, the Board shall appoint an individual 2 [who is a cost accountant] or a firm of cost accountants in practice as cost auditor and the remuneration of such cost auditor shall be ratified by shareholders subsequently. ******************** Notes:- 1. Substituted vide F. No. 1/ 33/2013.CL-V (Part) - 07-05-2018 , before it was read as, who is a cost accountant in practice 2. Substituted vide F. No. 1/ 33/2013.CL-V (Part) - 07-05-2018 , before it was read as, who is a cost accountant in practice