- For the purpose of sub-section (3) of section 148,-

(a) in the case of companies which are required to constitute an audit committee-

(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.