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 social injustice," observed H.R. Gokhale, [...]
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 accounting records of a company. [...]
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 cost accounting records as required [...]