Cost Audit represents the verification of cost accounts and check on the adherence to cost accounting plan. Cost Audit ascertain the accuracy of cost accounting records to ensure that they are in conformity with Cost Accounting principles, plans, procedures and objective. Cost Audit comprises following; Verification of the cost accounting records such as the ac- curacy of the cost accounts, cost reports, cost statements, cost data and costing technique and Examination of these records to ensure that they adhere to the cost accounting principles, plans, procedures and objective
Management Audit is packaged as per the requirements and mandate given by the management. The audit is structured based on “specifics” outlined by the manage- ment which defines the scope and depth of audit. The economy in procurement/ employment, optimization in utilization and effectiveness in deliveries and deliver- ables of the various resources of the entity is the prime objective of this audit. Based on the audit carried out,the observations and recommendations are offered to the organization.
Internal Audit is an important tool of evaluating corporate governance processes and evaluating the risk manage- ment of a business organization. Internal audit is an effec- tive means of evaluating the efficacy of operations, the reliability of financial reporting, compliance with the corpo- rate and statutory regulations, safeguarding of assets and various matters concerning the interest of the com- pany, employees, stakeholders and society in general. On account of the changing business dynamics, recent corpo- rate failures and increased stakeholders accountability.