Section 14(b) in The Companies (Audit and Auditors) Rules, 2014
(b)in the case of other companies which are not required to constitute an audit committee, the Board shall appoint an individual [who is a cost accountant] [Substituted 'who is a cost accountant in practice' by Notification No. G.S.R. 432(E), dated 7.5.2018 (w.e.f. 31.3.2014).] or a firm of cost accountants in practice as cost auditor and the remuneration of such cost auditor shall be ratified by shareholders subsequently.
