Cost audit under sec 233b: chartered accountant?

yashsr (CA) (2285 Points)

29 October 2012  

Hello,

Can a Chartered Accountant undertake Cost Audit of a Company as per Sec 233B of the Companies Act? As per the reading it says:

"The Cost Auditor shall be a cost accountant withtin the meaning of the Cost and Works Accountsnts Act, 1959. However a Chartered Accountant possessing the prescribed qualifications may be appointed as the cost auditor if the Central Government is of the opinion that sufficient number of cost accountants are not available for conducting the cost audit and a notification is issued to this effect. At present, no such notification has been issued."

What is the current situation?