This article will help you to differentiate between Cost Audit and Financial Audit. Difference # Cost Audit: A. Scope: 1. The entire emphasis is on micro-aspects, the aggregates being considered for checks. 2. It is an examination of day-to-day operation, in so far as the cost records are designed in accordance with the cost accounting rules and maintained by the [...]
This article throws light upon the top two objects of cost audit. The objects are: 1. General Objects 2. Social Objects. Cost Audit: Object # 1. General Objects: The general objects of cost audit are: 1. To detect the errors of principle of cost accountancy, and frauds that are usually made in the cost records, 2. To verify the adequacy [...]
After reading this article you will learn about the Functional Responsibility of a Cost Auditor. The expression that an auditor is a watch-dog and not a bloodhound was made in the course of judgment in a leading case- The Kingston Cotton Mills Company Ltd. A misfeasance action was taken by the liquidator against the auditor of the company to recover [...]