Can a Cost Accountant in employment be a Cost Auditor?
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Cost Audit
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yes they can employed as cost Auditor.............
In my opinion, the answer is no. A practicing cost accountant can be appointed as cost auditor of a company. The cost accountant in employment will not be allowed to take up cost audit. Any other views are welcome.
Cost Accountant in Employment can only sign the COMPLIANCE REPORT of the company that also when he is a member (ACMA/FCMA) of the Institute.
Cost Audit can only be conducted by a CMA in Practice.
Extracts from General Circular No. 15/2011 dtd.11-04-2011:
The company required to get its cost records audited under section 233B (1) of the Companies Act, 1956 shall appoint a cost auditor who is a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959) and who holds a valid certificate of practice under sub-section (1) of section 6 of that Act and includes a firm of cost accountants.
Regards,
CMA Ajay Jaisingh
M.Com, ACMA
CMA Ajay Jaisingh
M.Com, ACMA
Ajay Jaisingh & Associates II Cost Accountants in Practice II
Office: 1204, "MATRIX", B/H Divya Bhaskar House, Nr. Vodafone House, Prahladnagar Corporate Road, Off S G Highway, Ahmedabad-380051.
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