Tag Archives | Cost Audit Report

Contents of a Cost Audit Report

This article throws light upon the six main classifications of contents in the cost audit report. The classifications are: 1. Statutory Affirmations 2. Objective Statement of Findings 3. Statement of Facts 4. Re-Statement of Figures and Data 5. Statement of Opinion or Facts on Matters requiring Professional Competence 6. Statement of Opinion or Facts on […]

Cost Audit Report: Subject-Matter, Rules and Contents

After reading this article you will learn about the Cost Audit Report:- 1. Subject-Matter of the Cost Audit Report 2. Cost Audit (Report) Rules, 2001 3. Form and Contents of the Cost Audit Report. Subject-Matter of the Cost Audit Report: The statutory cost audit report is the end result of an audit of the cost […]

Forms of Cost Audit Report: 5 Paragraphs

This article throws light upon the five paragraphs relating to the forms of cost audit report. Cost Audit Report: Form # 1. Paragraph 1: The cost auditor is asked to state specifically (positively or negatively): (i) Whether all information and explanations necessary for the purposes of Cost Audit were obtained or not; (ii) Whether proper […]

8 Main Annexures to Cost Audit Report

This article throws light upon the eight main annexures to cost audit report with their respective explanations. The annexures are: 1. General 2. Cost Accounting System 3. Process of Manufacture 4. Quantitative Details 5. Break-Up of Cost of Input Materials Imported during the Year 6. Power, Fuel and Utilities 7. Salaries and Wages 8. Repairs […]

Objections in Publishing the Cost Audit Report

After reading this article you will learn about the Objections in Publishing Cost Audit Report. The publication and circulation of annual Financial Audit Reports to the members and shareholders of a company are mandatory and compulsory. But the position with respect to Cost Audit Reports is entirely different. The cost auditor submits his reports to […]

Disclosure of Cost Audit Report

After reading this article you will learn about the Disclosure of Cost Audit Report. The prime object of statutory cost audit is “to make the industries alert and efficient and to make them know their rational costs with a view to reducing it to the extent possible…………….. it is a definite step towards removal of […]

Top 4 Practical Benefits of Cost Audit Report

This article throws light upon the top four practical benefits of cost audit report. The practical benefits are: 1. Material Consumption 2. Material Usage 3. Cost of Services 4. Control Over Expenditure. Cost Audit Report: Practical Benefit # 1. Material Consumption: In order to comply with the rules, a Record of item-wise receipts of all […]

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