276:(mention registered office address of the company) (hereinafter referred to as the company), have audited the books of account prescribed under the said Act, and other relevant records in respect of the .................................... (mentions name/s of product group/s) for the period/year.............................(mention the financial year) maintained by the company and report, in addition to my/our observations and suggestions in para 2.
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I/We,........................................... having been appointed as Cost
Auditor(s) under Section ........ Companies Act of .........................................................(mention name of the company) having its registered office at ....................................................
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Basic qualification for a cost auditor is the prescribed examinations and practices by the professional nd regulatory body for cost and management accountancy of the country. In case a person is the member of other professional bodies, exemption should be allowed to him/her under the
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In my/our opinion, proper cost records, as per .............., have/have not been maintained by the company so as to give a true and fair view of the cost of production/operation, cost of sales and margin of the product/activity groups under
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In my/our opinion, the said books and records are/are not in conformity with the Cost
Accounting Standards issued by the Institute of Cost and Works Accountants of India, to the extent these are found to be relevant and
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Detailed unit-wise and product/activity-wise cost statements and schedules thereto in respect of the product groups/activities under reference of the company duly audited and certified by me/us are/are not kept in the
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The basic objective of cost audit is to ensure that the cost of production as well as cost of sales includes only those factors which are absolutely necessary and that those factors are used in the most efficient
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To verify that the basic principles of cost accountancy or related rules framed thereto to implement certain statutory provisions are properly carried out in maintaining cost accounts in the right manner.
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ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives. A cost audit comprises the following;
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Constructive objectives: Cost audit provides useful information to the management regarding regulating production, economical method of operation, reducing cost of operation and reformulating
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Prospective objective: Under which cost audit aims to identify the undue wastage or losses and ensure that costing system determines the correct and realistic cost of production.
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In my/our opinion and to the best of my/our information, the said books and records give/do not give the information required by the
Companies Act, in the manner so required.
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In my/our opinion, company has/has not adequate system of internal audit of cost records which to my/our opinion is commensurate to its nature and size of its business.
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I/We have/have not obtained all the information and explanations, which to the best of my/our knowledge and belief were necessary for the purpose of this audit.
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Verification of the cost accounting records such as the accuracy of the cost accounts, cost reports, cost statements, cost data and costing technique
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In my/our opinion, proper returns adequate for the purpose of the Cost Audit have/have not been received from the branches not visited by me/us.
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As required under the provisions of ................, I/we have furnished
Performance Appraisal Report, to the company, on the prescribed form.
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To see that the organisation maintains proper cost books, accounts and records either required by law or otherwise as a managerial decision.
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Cost system must be different for different objectives and the cost auditor designs a system which works best and quickest.
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Examination of these records to ensure that they adhere to the cost accounting principles, plans, procedures and objective
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To introduce some sort of internal audit with a focus on costs to reduce the work of financial auditor.
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Observations and suggestions if any, of the cost auditor, relevant to the cost audit.
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To report on the optimum utilisation of national resources, to the government.
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represents the verification of cost accounts and checking on the adherence to
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To report to the government on optimum utilisation of national resources
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170:To verify that cost accounts/records are accurate.
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255:Cost audit comprises the following three steps:
16:Verification of cost accounts and plan adherence
173:To detect all errors or frauds in cost records.
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317:Place: (place where audit report was signed)
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109:Learn how and when to remove this message
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47:adding citations to reliable sources
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221:Cost variation within the industry
206:Cost audit on behalf of government
203:Cost audit on behalf of a customer
200:Cost audit on behalf of management
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247:(MRAs) to become a cost auditor.
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314:Date: (date of sudit report)
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270:Format of cost audit report
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322:Signature of cost auditor
215:Circumstantial cost audit
233:Cost audit under statute
218:Retention price fixation
148:Objectives of cost audit
346:Overview of Cost Audit
224:Inefficient management
392:Management accounting
251:Cost audit procedures
212:Statutory cost audit
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195:Types of cost audit
326:Membership number
163:Other objectives:
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41:Please help
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129:plan. Cost
381:Categories
333:References
284:reference.
123:cost audit
69:newspapers
265:Reporting
366:See also
301:company.
83:scholar
259:Review
160:plans.
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387:Costs
131:audit
90:JSTOR
76:books
167:way.
62:news
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