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 NFRA issues Draft Procedure for Submission of Audit Files
 Auditors barred from putting a value on companies they are auditing
 Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
 Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
  Standard on Internal Audit (SIA) 9, Communication with Management
  Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement

Cost audit should be included in Clause 49: Panel
September, 30th 2009

A government-appointed committee has suggested expanding the ambit of Clause 49 on listing of companies specified by market regulator Securities and Exchange Borad of India to include cost audit report.

It (Clause 49) must be duly amended to focus and to conform to the cost audit structure so that companies report on the efficiency performance in more detail and to the benefit of the stakeholders in evaluating the company, the latest report of experts on cost audit standards said.

Clause 49 of the Listing Agreement, which is signed between companies and stock exchanges, deals with various aspects of corporate governance.

The Corporate Affairs Ministry-appointed committee is of the view that cost audit can provide reliable and credible cost and revenue data to regulators to support decisions.

An appropriate cost management system is required in all business units to remain competitive and the government should ensure through a legal framework that companies do install such a cost management system, it said.

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