Master circular on Cost Accountlna Records and Cost Audit.

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..... ember 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 accounting records and cost audit in the corporate sector, All these circ .....

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..... 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 has given his consent. The number of companies in respect of which .....

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..... f 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) In case where a firm of cost accountants is approved for appointment as cost .....

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..... 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 internal control systems. It has been already clarified in Departmental Circular No. 6/200 .....

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..... herever appointed, shall attend and participate all the meetings of the Audit Committee or the Board, as the case may be, but shall neither be a member nor have the right to vote. 2. The Institute is requested to bring this to the general information of all Members in practice, and of the corporate sector. Yours faithfully, (B.B. Goyall) Adviser (Cost) - Circular - Trade No .....

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