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TMI BlogMaster circular on Cost Accountlna Records and Cost Audit.X X X X Extracts X X X X X X X X Extracts X X X X ..... itute 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 accounting records and cost audit in the corporate sector, All these circulars have been reviewed. In super session of the earlier circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 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 has given his consent. The number of companies in respect of which cost audit reports have not been submitted and have become overdue shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) In case where a firm of cost accountants is approved for appointment as cost auditors under section 233B (2) of the Act, the cost audit report shall be signed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 internal control systems. It has been already clarified in Departmental Circular No. 6/2001 dated 20.08.2001 that the term "auditors" include cost auditor and hence "scope of audit inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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