Cost Audit to be Mandatory to ALL THE COMPANIES under the below Industries, instead of the existing procedure of company specific cost audit orders :
This is the Extract from the message of the President of ICWAI.....
"The Ministry of Corporate Affairs (MCA), vide its notification Nos. 52/26/CAB-2010 dated May 2, 2011 has issued cost audit orders on “ALL companies” where the Cost Accounting Record Rules u/s 209(1)(d) of the Companies Act 1956 pertaining to Bulk Drugs, Formulations, Fertilizers, Sugar, Industrial Alcohol, Electricity, Petroleum or Telecommunication are applicable and wherein as on the last date of the immediately preceding financial year the aggregate value of net worth exceeds rupees five crores or the aggregate value of the turnover exceeds rupees twenty crores or the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside."
source : https://www.icwai.org/icwai/institute-presi-msg.asp
(copy and paste, if the link is not working.....)
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