Which section of the Companies Act, 2013 governs statutory cost audits?
Question and options
Which section of the Companies Act, 2013 governs statutory cost audits?
Section 151
Section 148
Section 147
Section 150
Answer and explanation
Correct answer: B - Section 148
Section 148 of the Companies Act, 2013 empowers the Central Government to require specified classes of companies to keep cost records and to order their audit by a cost accountant. Section 147 prescribes punishment for contravening the audit provisions, while sections 150 and 151 deal with the selection of independent directors and the small shareholders' director.
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