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TMI BlogAppointment of Cost Auditor by CompaniesX X X X Extracts X X X X X X X X Extracts X X X X ..... The President, Institute of Cost and Works Accountants of India, 12, Sudder Street, Kolkata 700016 Subjects:- Appointment of Cost Auditor by Companies Sir, Ministry has reviewed the existing procedure followed by the companies for seeking prior approval of the Central Government for appointment of cost auditor under section 233B(2) of the Companies Act, 1956. In sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 233B(5) read with section 224 and sub-section (3) or sub-section (4) of section 226 of the Companies Act, 1956. (d) While a cost auditor shall have prime responsibility to ensure that he does not violate the limits specified under section 224(1B) of the Companies Act, 1956, the Audit Committee shall also be responsible for such compliance by the cost auditor. (e) Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be approved by the Central Government, unless contrary is heard within thirty days from the date of filing such application. (h) If within thirty days from the date of filing such application, the Central Government directs the company to re-submit the said application with such additional information or explanation, as may be specified in that direction, the period of thirty days for deemed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an Audit Committee of the Board is not required by law, the words Audit Committee shall stand substituted by the words Board of Directors . 2. If a company contravenes any provisions of this circular, the company and every officer thereof who is in default, including the persons referred to in sub-section (6) of section 209 of the Act, shall be punishable as provided under sub-section (2) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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