What would help, says Justice Sachar in the report, is the government's role in giving teeth to the laws that already exist instead of doing away with the mandatory cost audit of companies which would deprive workers of the protection of their rights.
12.
With the introduction of " The Companies ( Cost Audit Report ) Rules, 2011 " by Ministry of Corporate Affairs ( MCA ), Govt . of India, the scope & application of Statutory Cost Audit ( u / s 233B of the Companies Act, 1956 ) has been widened manifold.
13.
With the introduction of " The Companies ( Cost Audit Report ) Rules, 2011 " by Ministry of Corporate Affairs ( MCA ), Govt . of India, the scope & application of Statutory Cost Audit ( u / s 233B of the Companies Act, 1956 ) has been widened manifold.
14.
A Cost & Management Accountant ( CMA ) is defined and is also considered as expert among others in the said act . A Cost & Management Accountant can act as an Internal Auditor of a company and can be a Cost Auditor of a company . Cost Audit standards are recognised.
15.
In this changed context, the institute, addressing the needs of separate standards of auditing & assurance of cost records, has constituted the Cost Audit and Assurance Standards Board ( CAASB ) entrusting the responsibility to formulate standards and develop guidance notes in the areas of auditing, assurance, related services and quality control keeping in mind the special sophisticated structure & objectives of Statutory Cost Audit.
16.
In this changed context, the institute, addressing the needs of separate standards of auditing & assurance of cost records, has constituted the Cost Audit and Assurance Standards Board ( CAASB ) entrusting the responsibility to formulate standards and develop guidance notes in the areas of auditing, assurance, related services and quality control keeping in mind the special sophisticated structure & objectives of Statutory Cost Audit.
