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TMI BlogCost auditX X X X Extracts X X X X X X X X Extracts X X X X ..... fied for appointment under the Act, the Cost and Works Accountants Act, 1959 (23 of 1959) and the rules or regulations made thereunder; (b) the individual or the firm, as the case may be, satisfies the criteria provided in section 141 of the Act, so far as may be applicable; (c) the proposed appointment is within the limits laid down by or under the authority of the Act; and (d) the list of proceedings against the cost auditor or audit firm or any partner of the audit firm pending with respect to professional matters of conduct, as disclosed in the certificate, is true and correct.] (2) Every company referred to in sub-rule (1) shall inform the cost auditor concerned of his or its appointment as such and file a notice of such appoint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hin thirty days of such appointment of cost auditor.] 5[ (3B) The cost statements, including other statements to be annexed to the cost audit report, shall be approved by the Board of Directors before they are signed on behalf of the Board by any of the director authorised by the Board, for submission to the cost auditor to report thereon ] (4) Every cost auditor, who conducts an audit of the cost records of a company, shall submit the cost audit report along with his or its reservations or qualifications or observations or suggestions, if any, in form CRA-3. 6[ (5) Every cost auditor shall forward his duly signed report to the Board of Directors of the company within a period of one hundred and eighty days from the closure of the financ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Dated 14-7-2016, 5. Inserted vide F. No. 1/40/2013-CL-V - Dated 14-7-2016, 6. Substituted vide F. No. 1/40/2013-CL-V - Dated 14-7-2016, before it was read as, " (5) Every cost auditor shall forward his report to the Board of Directors of the company within a period of one hundred and eighty days from the closure of the financial year to which the report relates and the Board of directors shall consider and examine such report particularly any reservation or qualification contained therein. " 7.Substituted vide F. No. 1/40/2013-CL-V - Dated 14-7-2016, before it was read as, " (6) Every company covered under these rules shall, within a period of thirty days from the date of receipt of a copy of the cost audit report, furn ..... X X X X Extracts X X X X X X X X Extracts X X X X
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