What are the Ordinary Shares & Mutual fund?

                                                                     

Cost audit refers to verification and examination of cost Accounts with related books, documents, vouchers, statements with a view  to determine the correction of cost and of the accounts drawn up and to see whether or not the principles and procedures of cost accounting have been consistently in the preparation of cost statements.

 

                                                                                  Qualification of  cost auditor:

A person cannot be appointed as a cost auditor unless he is a CMA as defined in the said ordinance.

Provided that a CMA cannot be appointed as cost auditor unless he deserves a certificate of practice issued by ICMAB.

                                 

                                                                Obligation of cost auditor:

01.Every cost auditor shale prepare a cost auditor report of the company under audit and  in accordance with the procedures as laid down in the schedule of  tuese rules and submit within the maximum period of 150 days from the end of financial year.

02.The cost auditor shall submit the report  prepared by him to the board of directors of the company and a copy of the same shall be sent to the government.

03. The cost auditor shall shall give clarifications if any  required by  the government on the cost audit report submitted by him within the time Govt .thinks fit.