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 of Cost Auditor is made [...]
This article will help you to differentiate between Cost Audit and Financial Audit. Difference # Cost Audit: A. Scope: 1. The entire emphasis is on micro-aspects, the aggregates being considered for checks. 2. It is an examination of day-to-day operation, in so far as the cost records are designed in accordance with the cost accounting rules and maintained by the [...]
This article throws light upon the three points of comparison between cost audit and financial audit. The points are: 1. Functional Relationship 2. Co-Operation and Co-Ordination: Cost Audit and Financial Audit 3. Co-Operation and Co-Ordination: Cost Audit and Financial Audit. Comparison: Point # 1. Functional Relationship: There are some fundamental differences between the three forms of audit: Financial audit, Cost [...]