Archive | Cost Auditor

Classification of the Liabilities of a Cost Auditor

This article throws light upon the two main classification of the liabilities of a cost auditor. The classifications are: 1. Contractual Liability 2. Criminal Liability. Cost Auditor’s Liabilities: Classification # 1. Contractual Liability: The cost auditor is liable for non-fulfilment of the terms and conditions of an agreement between him and the company who appoints […]

Cost Auditor: Rights and Duties

After reading this article you will learn about the rights, powers and duties of the Cost Auditor.  Rights and Powers of a Cost Auditor: According to Section 233B (4) of the Companies Act, 1956, the cost auditor ‘shall have the same powers and duties in relation to an audit conducted by him under this section […]

Top 3 Roles of a Cost Auditor

This article throws light upon the top three roles of a cost auditor. The roles are: 1. As an ‘Agent’ 2. As an ‘Officer’ 3. As a ‘Servant’. Role # 1. As an ‘Agent’: If the basis of appointment of the auditor by different parties is the criteria to establish relationship among different persons who […]

Top 3 Responsibilities of a Cost Auditor

This article throws light upon the top three responsibilities of a cost auditor. The responsibilities are: 1. Professional Responsibilities 2. Ethical Responsibilities 3. Legal Responsibilities. Responsibility # 1. Professional Responsibilities: The Council of the Institute of Cost and Works Accountants of India has cast upon the cost auditors the following nature of responsibilities. (i) Responsibility […]

Top 14 Check Points for Cost Auditor

This article throws light upon the top fourteen check points for cost auditor. Some of the check points are: 1. Modvat 2. Royalty/Technical Know-How Fee 3. Research and Development Expenses 4. Packing 5. Interest 6. Expenses/Incentive on Export 7. Overheads 8. Conversion Cost 9. Captive Consumption 10. Capital Works Carried out Departmentally 11. Credits for […]

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