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directed to refer to your letter no. PD/69/90 dated 19.2.90 on the subject mentioned above and to say that the cost auditor shall be deemed to have concluded his appointment as soon as he renders a report to the Central Government in accordance with the Cost Audit Report Rules. The specified number of companies for the purpose of section 23 3B (2) of the Act
directed to refer to your letter no. CLC/79/89 dated 8th January, 1990 on the subject mentioned above and to say that while giving a certificate in terms of provision to sub-section 224 of the Companies Act, 1956, the auditor or auditors will not take into account the actual appointments as auditors in the companies but also their proposed appointment in companies for which they have given their consent.
After a careful examination of the statement made by the cost auditors, the Department is of the view that it would be more appropriate if while mentioning the figures for previous year, the Cost Auditor certifies the position by means of note that figures so stated are on the basis of information furnished by the management, for which he has obtained a certificate from them.
Under the provision of S. 233B of the Act and the Cost Audit Report Rules made thereunder, the Cost Auditor after the submission of the Cost Audit Report has to furnish replies to all the supplementaries, queries from the Department of Company affairs arising through a review of the Cost Audit Report. A question has arisen as to when the term of a Cost Auditor in respect of company shall be deemed to have concluded. It is clarified that for the purpose of furnishing the certificate under sub-section
Authentication of Cost Audit Report in cases where a firm of Cost Auditors is approved under U/s 233B (2) of the Companies Act, 1956 for conducting Cost Audit.
All the partners of the firm are practicing cost accountants within the meaning of Section 6 and 7 of the Cost and Works Accountants Act, 1959,
The attention of the Institute is drawn to the provisions of section 233B of the Companies Act, 1956, and the Cost Audit (Report) Rules, 1968, as amended from time to time. The duties of the cost accountants appointed to conduct an audit of cost accounts of the company flow directly from the above provisions and as such they should in strict compliance
Similarly, a question has now been raised whether a Cost Auditor of a Company can also be its internal auditor which has been carefully examined in this Department. Since the Cost Auditor is required to comment on the scope and performance of internal audit as per the provisions of the Cost Audit (Report) Rules, 1968, it would tend to mitigate against proper and dispassionate discharge
In exercise of the powers conferred by rule I91-T3 of tho Ceram! Excises Rolm 1944, the Central Government hereby makes the following further amend‑ment in the notification of the Government of India is the Ministry of Finance.
Understand the Companies (Acceptance of Deposits) Rules, 1975, governing deposits. Learn about regulations, compliance, and key provisions for companies
