Cost Auditor passes away; company says a new Cost Auditor will be appointed
The company has informed the stock exchanges that its Cost Auditor, Mr. Surendra Rai Kapur, has passed away.
By ScoutQuest · · 1 min read
- Cost Auditor
- Mr. Surendra Rai Kapur
- Event
- Cost Auditor has passed away
- Action Planned
- appoint a new Cost Auditor within the prescribed timelines
What happened
The company has informed the stock exchanges that Mr. Surendra Rai Kapur, its Cost Auditor, has passed away. The disclosure is an intimation of this event to the exchanges.
Who a Cost Auditor is
A Cost Auditor is a professional appointed to review a company's cost records and cost accounting, a requirement that applies to specified industries. The role is distinct from the statutory auditor who audits the financial statements, and from the secretarial auditor. It is a compliance and review role rather than an executive or management position.
What the company said
- It expressed its deepest condolences on his demise.
- It acknowledged his longstanding professional association with the company.
- It stated that necessary steps will be taken for the appointment of a new Cost Auditor within the prescribed timelines.
What this means for investors
This is an intimation about a change in a professional appointment. The update sets out the company's intention to fill the position within the timelines it is required to meet, so the compliance function around cost records is intended to continue without a stated break.
What to watch
The appointment of a new Cost Auditor, when it is announced. Until then, the update gives no further detail on the transition or on any interim arrangement.
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