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The terminology issued by the CIMA defines Cost Audit as the verification of the correctness of cost accounts and of the adherence to the cost accounting plan.
Explain cost audit. If a significant proportion of the inventory valuation is comprised of finished goods then the auditors will want to review the bill of materials for a selection of finished goods items and test them to see if they show an accurate compilation of the components in the finished goods items as well as correct costs. 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. Cost audit helps management to regulate production.
Finished goods cost analysis. Other examples are depreciation expenses or utility expenses. Financial audit is a fait accompli cost audit is mainly a preventive measure a guide for management policy and decision in addition to being a barometer of performance.
Cost audit is an independent examination of the correctness of the cost statements and accounts and its conformity with the cost accounting plan. Audit Procedures for Cost of Goods Sold. Cost audit as a discipline and a statutory provision came into being in our country in 1965.
According to Audit Analytics for the FTSE 350 Auditor Changes and Fees the following were the audit and audit related fees for FTSE 350 companies with auditor changes. Cost audit provides reliable cost data for managerial decisions. The concept of cost audit has been elaborated by ICWA as an audit of efficiency of minute details of expenditure while the work is in progress and not a post mortem examination.
Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. Subject-Matter of the Cost Audit Report. Definition of Cost Audit.
The auditor might use inventories data or cost of goods sold data to assess the reasonableness amount of revenues that records in the financial statements. The statutory cost audit report is the end result of an audit of the cost accounting records of a company. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles plans procedures and objectives.
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