Efficacy of Cost Audit and Records Rules 2013

Government followed a detailed consultative process while formulating Rules under the Companies Act 2013 including the draft Companies (Cost Records and Audit) Rules, 2013. The draft Rules were placed on the Ministry of Corporate Affairs’ website for three weeks, during which period comments were invited from stakeholders. Approximately 14,700 comments were received from the stakeholders, and were kept in mind while finalizing the said Rules.

This was stated by Smt. Nirmala Sitharaman, MoS in the Ministry of Finance in written reply to a question in the Lok Sabha.