Functions of a cost auditor include making accurate cost audit reports with genuine facts and data, assisting the government with the report in case of investigation.
One of the initiatives taken by the government is the Scheme for Facilitating Startups Intellectual Property Protection (SIPP), which was introduced in 2016 with the aim of facilitating the protection of Intellectual Property by Startups.
Companies exempted from obtaining Certificate of Registration (CoR) from RBI: There are certain entities, though being involved in financial activities does not require CoR from RBI as such entities are governed by other Acts.
Prepare audit reports An internal auditor should prepare and submit the audit report and audit follow-up from time to time as it determines the status of the company’s governance in terms of finances, operations and administration.