Section 14(a) in The Companies (Audit and Auditors) Rules, 2014
(a)in the case of companies which are required to constitute an audit committee-(i)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 on the recommendations of the Audit committee, which shall also recommend remuneration for such cost auditor;(ii)the remuneration recommended by the Audit Committee under (i) shall be considered and approved by the Board of Directors and ratified subsequently by the shareholders;
