Tag Archives | Auditing

Efficiency and Propriety Audit | Auditing

Efficiency is the ratio of a system’s outputs to inputs, and is strictly a limiting example of an idea of productivity in that an efficient system is one in which this ratio is optimal. Two categories of efficiency should be noted: Economic efficiency, which arises when the cost of inputs is minimized for a given […]

Difference between Cost Audit and Financial Audit | Auditing

The upcoming discussion will update you about the differences between cost audit and financial audit. Difference # Cost Audit: 1. Covers only select specified industries. Product wise coverage and not the whole company. SSI units are exempted. 2. Applicable only after issue of the order by Central Government. 3. By a Cost Accountant. 4. Appointment […]

Cost Audit: Meaning and Objectives | Auditing

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 […]

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