Definition of Cost Audit The term Cost Audit means the examination of books of account and vouchers to ascertain their accuracy. The exact calculation of the cost of a product is called Cost Audit. Meaning ‘Audit‘ may be described as a systematic examination of the books, vouchers and records of a business to enable the …
The Cost Auditor should keep in mind the object of Cost Audit while preparing the Plan of Cost Audit. He should distribute the work to his subordinates. He should have detailed knowledge about the organisation. The Cost Audit programme should be designed in such a way that the work should be finished within minimum period …
What is Management Audit? In Management Audit the evaluation of managerial abilities and techniques is carried out. The various plans prepared by management, its policies, programs, procedures their Audit is management Audit. It is popularly known as operational management or efficiency Auditor. The Accounting kept for managerial purpose are called Management Accounting, similarly, the detailed …
The management of business at present becoming more and more complex. The use of specialised techniques such as operational research, statistical sampling, electronic data processing, production control etc. require the services of experts. The directors are not experts in every field of Management. If anything goes wrong then directors have to face the criticism. This …
Management Audit requires a review of all aspects of Management. One person cannot be an expert in every field of Management, so their should be a team to conduct Management audit. The team of auditors should include on account, an industrial engineer; an operations research specialist, a social scientist and so on. Each member should …