CMA Final · Cost and Management Audit · Preparation and Filing of Cost Audit Report
Under Section 148 of the Companies Act, 2013, to whom must the cost accountant conducting the cost audit submit the report on the audit of cost records?
The cost accountant submits the cost audit report to the Board of Directors of the company, as provided in the proviso to section 148(5). The company, not the cost auditor, then furnishes the report to the Central Government within the prescribed time.
- AThe Board of Directors of the companyCorrect
- BThe Central Government directly
- CThe members at the general meeting
- DThe statutory auditor appointed under section 139
Explanation
The proviso to section 148(5) states that the report on the audit of cost records shall be submitted by the cost accountant to the Board of Directors of the company. Submission to the Central Government is made later by the company, not by the cost auditor.
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