valid as on 26/11/2020

10.1.14-Companies (Audit and Auditors) Rules,2014

14. Remuneration of the Cost Auditor.-

For the purpose of sub-section (3) of section 148,

(a) in the case of companies which are required to constitute an audit committee

(i) the Board shall appoint an individual, who is a cost accountant in practice , or a firm of cost accountants in practice, as cost auditor on the recommendations of the Audit committee, which shall also recommend remuneration for such cost auditor;
(ii) the remuneration recommended by the Audit Committee under (i) shall be considered and approved by the Board of Directors and ratified subsequently by the shareholders;

(b) in the case of other companies which are not required to constitute an audit committee, the Board shall appoint an individual who is a cost accountant in practice or a firm of in practice as cost auditor and the remuneration of such cost auditor shall be ratified by shareholders subsequently.

Substituted Companies (Audit and Auditors) Amendment Rules, 2018 dated 07.05.2018 . To view the notification,Click Here
Substituted Companies (Audit and Auditors) Amendment Rules, 2018 dated 07.05.2018 . To view the notification,Click Here
2(28) Cost Accountant, means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid certificate of practice under sub-section (1) of section 6 of that Act;

Companies (Audit and Auditors) Amendment Rules, 2018 [GSR 432 (E)] dated 07/05/2018


Corrigendum to Notification No. G.S.R. 432(E) dated 17.05.2018


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