In this article we will discuss about:- 1. Meaning of Cost Audit 2. Objectives of Cost Audit 3. Important Legal Provisions as to Cost Audit 4. Cost Audit Report Rules, 1996 5. Cost Accounting Records. Meaning of Cost Audit: The terminology issued by the CIMA defines Cost Audit as "the verification of the correctness of cost accounts and of the [...]
After reading this article you will learn about Cost Audit:- 1. Unique Feature of Cost Audit 2. Concept of Cost Audit. Unique Feature of Cost Audit: The audit of cost accounts has attained its present status in the statute book of our country through a gradual process of industrial development and socio-economic expectations. During World War I, a large number [...]
This article throws light upon the two main aspects of cost audit. The aspects are: 1. From the Aspect of Statute 2. From the Aspect of Spheres for Action. Cost Audit: Aspect # 1. From the Aspect of Statute: In the case of a limited company, the scope of cost audit is outlined in the provisions contained in Section 233B [...]