Amid concerns raised by cost accountants over some provisions in the new Cost Records and Audit Rules, the government on Saturday set up an expert committee to look into this matter.
State-run energy giant ONGC’s former Chairman and Managing Director R. S. Sharma will head the committee, which will study the recently notified rules and issues relevant to cost auditing.
The other members of the committee will be R. K. Jain, Additional Secretary in the Ministry of Health and Family Welfare, former ICWAI (Institute of Cost and Works Accountants of India) President Chandra Wadhwa, and Aruna Sethi, Adviser (Cost), Ministry of Corporate Affairs.
The committee can also co-opt up to two members, the Corporate Affairs Ministry said in a statement.
Following the notification of the Companies (Cost Records and Audit) Rules 2014, the Council of the Institute of Cost Accountants of India had expressed concerns over certain provisions of the rules, particularly coverage of sectors of economy under the rules. The Ministry further said that “it is hoped that the recommendations of the committee will help create a competitive and efficient business environment.”
