Approval is necessary in appointment of cost auditor of..
Answers
CONCEPT OF COST AUDIT-
The Companies Act empowers the Government to direct specified class of companies to maintain records relating to cost. The cost records of such companies include records relating to cost of production, cost of sales, and details about various elements of cost such as materials, wages, stores, overheads, etc.
The form in which the cost records are to be maintained differs from industry to industry. Companies manufacturing the products covered by the Cost Accounting Record Rules are required to maintain the cost records. However smaller companies are exempted from maintenance of cost accounting records.
Appointment of Cost Auditor
The Board of Directors of the company, with the prior approval of the Central Government appoints the Cost Auditor.
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Explanation:
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