Provisions Under Companies Act Relating to Maintenance of Cost Records and Cost Audit:
The statutory provisions relating to maintenance of cost accounting records and cost audit were
initially introduced by the Companies (Amendment) Act, 1965. Section 209(1)(d) deals with the
provisions relating of maintenance of cost accounting records and Section 233B deals with the audit
of cost accounts in the certain cases. The amended Section 233B provides that the cost audit can be
conducted only by those cost accountants, who are not whole time employees elsewhere. These
provisions also provides for a ceiling on the number of cost audits that can be carried out by a cost
accountant or a fi rm of cost accountants.
The statutory provisions relating to maintenance of cost accounting records and cost audit were
initially introduced by the Companies (Amendment) Act, 1965. Section 209(1)(d) deals with the
provisions relating of maintenance of cost accounting records and Section 233B deals with the audit
of cost accounts in the certain cases. The amended Section 233B provides that the cost audit can be
conducted only by those cost accountants, who are not whole time employees elsewhere. These
provisions also provides for a ceiling on the number of cost audits that can be carried out by a cost
accountant or a fi rm of cost accountants.
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