Tag Archives | Cost Audit

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 […]

Cost Audit: Unique Feature and Concept

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 […]

Cost Audit Aspects: 2 Main Aspects of Cost Audit

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 […]

Top 2 Objects of Cost Audit

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, […]

Propriety Audit: Concept and Requirements

After reading this article you will learn about Propriety Audit:- 1. Concept of Propriety Audit 2. Propriety Requirements and Propriety Elements of Reporting in the Indian Company Law. Concept of Propriety Audit: Propriety audit may be defined as ‘Audit concerning the decisions of the executives, with an emphasis on public interest, financial discipline, basically to […]

Social Audit: Concept and Objectives

After reading this article you will learn about Social Audit:- 1. Concept of Social Audit 2. Objectives of Social Audit. Concept of Social Audit: Although no unanimous definition has yet been evolved, the term Social audit, in its simple sense, may be defined as the audit of the social responsibilities that should have been discharged […]

Difference between Internal Audit and Statutory Cost Audit

This article will help you to differentiate between Internal Audit and Statutory Cost Audit. Difference # Internal Audit: A. Scope: 1. (a) The work of audit under the system is mainly performed by the employ­ees, i.e. internal staff of the company. (b) The work can be done by any person having training and skill on […]

Operation Audit: Concept and Objectives

After reading this article you will learn about Operation Audit:- 1. Concept of Operation Audit 2. Objectives of Operation Audit. Concept of Operation Audit: William Leonard describes operational auditing as a comprehensive and constructive review of organisational structure or components thereof, i.e. method of operation and use of physical facilities’. Operational Auditing is essentially a […]

Operation Audit: Concept and Objectives

After reading this article you will learn about Operation Audit:- 1. Concept of Operation Audit 2. Objectives of Operation Audit. Concept of Operation Audit: William Leonard describes operational auditing as a comprehensive and constructive review of organisational structure or components thereof, i.e. method of operation and use of physical facilities’. Operational Auditing is essentially a […]

Functional Responsibility of a Cost Auditor

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 […]

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