RegAlert2020-12-14
Added · Updated
Companies (Maintenance and Audit of Cost Accounts) Regulations 2020
These regulations mandate companies engaged in production, processing, manufacturing, or mining to maintain detailed cost accounting records and appoint a qualified cost auditor. The board must appoint the initial auditor within ninety days of the notification and subsequent auditors within one hundred and eighty days of each financial year's commencement, with specific fit-and-proper criteria and independence requirements governing their eligibility. Companies are required to submit cost audit reports, including statements on capacity utilization and stock-in-trade, to the Securities and Exchange Commission of Pakistan within one hundred and eighty days of the financial year's close. The regulations also repeal seven prior cost accounting orders and establish penalties for contraventions under the Companies Act, 2017.
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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the December 14, 2020 NOTIFICATION S.R.O. 1336 (I)/2020- In exercise of the powers conferred under sub-section (1) of section 512 read with first proviso to sub-section (1) of section 220 and sub-section (1) of section 250 of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan is pleased to notify the following regulations, the same having been previously published vide S.R.O. 893(I)/2020 dated September 21, 2020 as required by proviso to sub-section (1) of section 512, namely -
- Short title, application and commencement. - (1). These regulations may be
called the Companies (Maintenance and Audit of Cost Accounts) Regulations, 2020.
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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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