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 who is a cost accountantSubstituted Companies (Audit and Auditors) Amendment Rules, 2018 dated 07.05.2018 . To view the notification,Click Here , 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 “who is a cost accountantSubstituted Companies (Audit and Auditors) Amendment Rules, 2018 dated 07.05.2018 . To view the notification,Click Here or a firm of cost accountants2(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; in practice as cost auditor and the remuneration of such cost auditor shall be ratified by shareholders subsequently.