Tag Archives: Cost Audit

The following are the main advantages of cost audit to management, cost accountant, shareholders, taxpayers, government and consumers: Cost audit will establish the accuracy of cost accounts and will assist in the prevention of errors and frauds. It will also help to improve cost accounting methods and techniques to facilitate …

Cost audit has been defined by the Chartered Institute of Management Accountants, London as “the verification of cost accounts and a check on the adherence to the cost accounting plan”. The Institute of Cost and Works Accounts of India defines, “cost audit efficiency of minute details of expenditure while the …