(3)The audit under sub-section (2) shall be conducted by a Cost Accountant in practice who shall be appointed by the Board on such remuneration as may be determined by the members in such manner as may be prescribed:Provided that no person appointed under section 139 as an auditor of the company shall be appointed for conducting the audit of cost records:Provided further that the auditor conducting the cost audit shall comply with the cost auditing standards.Explanation.—For the purposes of this sub-section, the expression “cost auditing standards” mean such standards as are issued by the Institute of Cost and Works Accountants of India, constituted under the Cost and Works Accountants Act, 1959 (23 of 1959), with the approval of the Central Government.
