Expert Group Recommendations
The 13-member expert group composed of representatives from three Professional Institutes namely—ICAI, ICAI and ICSI—Industry Body CII and market Regulator SEBI, have recommended that all companies whose turnover is more than Rs 50 crore should be mandated to maintain cost audit books. .
In its recommendation, the group also mentioned that companies should be allowed to maintain their own cost accounting records in accordance with CAS issued by the ICAI.
Expert Group Report An expert group was constituted by the Ministry of Corporate Affairs under the Chairmanship of Shri BB Goyal, Advisor Cost. The Expert Group reviewed the existing Cost Accounting Records Rules, Cost Audit Report Rules and Cost Accounting Standards. The group has submitted its report to the government.
Read more about this topic: Institute Of Cost Accountants Of India, Cost & Management Accountancy Practice in India
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