Cost audit under Section 148 is required for:
ASpecified class of companies engaged in production of goods or providing services as notified by Central Government, exceeding prescribed turnover
BAll companies
COnly listed banks
DOnly insurance companies
Answer & Solution
Correct answer: B. All companies
1. Section 148 + Companies (Cost Records & Audit) Rules 2014 specify classes and thresholds.
2. Industries listed in Table A (regulated) and Table B (non-regulated) with turnover thresholds.
3. Cost auditor must be a Cost Accountant.
_Source: ICAI BoS CA Final Paper 3, Ch 5 "Company Audit"_
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