Cost audit is the verification of cost accounts and adherence to the cost accounting plan. It has several functions including verifying proper maintenance of cost accounts, detecting errors and preventing fraud. There are two aspects of cost audit - propriety audit which examines executive actions and efficiency audit which appraises performance. Advantages of cost audit are detection of issues, more reliable data, and improved cost control and productivity. In India, certain companies must maintain cost accounts and the government can order cost audits to be conducted by qualified cost accountants. Management audit evaluates management performance and assesses whether objectives are fulfilled through a review of plans, policies, and operations. It aims to improve efficiency, profitability, and ensure optimal resource utilization.
This presentation explains about the meaning as well as various types of audit report which an auditor has present in his books of accounts for the sake of the company's shareholders and various other groups.
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
This presentation explains about the meaning as well as various types of audit report which an auditor has present in his books of accounts for the sake of the company's shareholders and various other groups.
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
This is presentation on Auditing by my friend Rohin Nadaf which was presented during ITT training of Institute of Chartered Accountants of India (ICAI)
This is presentation on Auditing by my friend Rohin Nadaf which was presented during ITT training of Institute of Chartered Accountants of India (ICAI)
The depth and scope of examination, time of audit, processing methods, etc. In deciding on a specific technique, also need to take account of the objective of the audit action and the capacities limited by time or other factors.
FUNCTIONS OF AUDIT - Following are the most important functions o.pdfanupamele
FUNCTIONS OF AUDIT :-
Following are the most important functions of an audit.
1. Study The Accounting System :-It is the basic function of auditing. In order to determine the
nature, timing and extent of the audit procedures auditor should study the accounting system.
2. Internal Control System :-
It is a process which determines that management policies are carried out according the
accounting principles. This system is very useful to safeguard the interest of the enterprise. The
auditor determines the effectiveness of this system. Our company uses to ensure the proper
accounting principles are followed by doing auditing.
3. Vouching :-
This function is essential to determine the accuracy of accounting record. This checking the
vouchers with supporting documents which support and prove the business transactions. All
entries in books of accounts are made on the basis of relevant vouchers.
4. Verification Of Assets :-
It is the function of auditing that it should verify the assets of the business. It is concerned with
the determination of value, ownership and possession of business asset. The auditor can check
the existence of asset.
5. Legal Requirement :-
It is the function of auditing to verify that statements are prepared under the legal requirements
or not. There are various laws like company andincome tax ordinance which are introduced by
the govt.
6. Liabilities Verification :-
The liabilities of the business can be verified from the books of accounts. The auditor can write
a letter to the creditors for the verification of liabilities. The auditor must receive the certificate
from the management in this regard.
7. Capital And Revenue :-
Auditing should make difference between capital and revenue items. The capital items are
compared to note the financial position of the business. The revenue items are compared to
determine the income. The income and expenses related to many years can be divided in current
and coming year.
8. Valuation Of Liabilities :-
Through auditing value of liabilities can be checked from the books of accounts and other
papers. The auditor can also confirm the value from outside sources. The value of liabilities is
given in the balance sheet by the management but it is the function of auditing which confirms
this value.
9. Valuation Of Assets :-
The management gives the value of assets and auditor can apply the accounting principles to
assess the value of assets. The auditor critically examines and takes help from the expert.
10. Reporting :-
Auditing important function is reporting. Auditor is an independent person and it is his duty to
submit his report in writing. If he is satisfied he can present clean report otherwise he can give
qualified report.
Elements of the Generally Accepted Auditing Standards (GAAS)
The generally accepted auditing standards (GAAS) are the standards you use for auditing private
companies. There are 3 elements of GAAS.
General Standards: The first three GAAS are general standards which ad.
Accounting, Financial Accounting, Objectives of Management Accounting, Cost Accounting, Basic Terminologies in Financial Accounting :, Accounting Concepts and Conventions: TYPES OF ACCOUNTS: Accounting Standards, Accounting for Planning & control
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2. COST AUDIT
Meaning:-
Cost audit is the specific application of auditing
principles and procedures in the field of cost
accounting.
Definition:-
According to CIMA, London “the verification of cost
accounts and a check on the adherence to the cost
accounting plan”
3. Functions:-
1. To verify that cost accounts have been properly
maintained and complied.
2. To check their adherence to cost accounting plan.
3. To detect errors and to prevent frauds and possible
misappropriations.
4. To guide the management to take a corrective actions
related to cost.
4. Aspects of cost audit:-
TWO important aspects of the cost audit are:
1.Propriety Audit:-
This is defined as the ‘audit of executive actions
and plans which have a bearing on the finances and
profitability of the concern’.
2. Efficiency Audit:- (Performance Audit)
This is the appraisal of performance to ascertain
whether the plans laid down have been efficiently
executed.
5. Advantages of cost audit:-
To Management:
1.To detection errors, frauds, irregularities and
inconsistencies.
2.Data becomes more reliable thereby improving the quality
of cost reports.
3.Improves the effectiveness of cost control and cost
reduction schemes.
4. Audited cost data is better suited for inter-firm
comparison.
5.Cost auditors are usually expert and experienced cost
accountants or cost consultants so that they may suggests
changes to overcome any weaknesses in the systems and
procedures
6. To Shareholders:
1.Cost audit highlights the efficiency of the management
in the utilization of the resources of the business.
2.Cost audit enables the shareholders to determine
whether or not they are getting a fair return on their
investment.
To Consumers:
The consumers get the advantage of fair price for the
products of the company. This is because cost audit
reveals the true cost of products & price is generally
based on such costs.
7. To Government:
1.It provides true cost figures to the government for
fixing the prices of goods to prevent undue profiteering.
2.The data is taken to be more reliable for providing
protection to certain industries in public interest.
3.It contributes to the betterment of national economy.
4. This helps the government in taking effective steps for
improving productivity.
8.
9.
10. Cost Audit in India:-
According to sec209 of the companies act 1956,as
amended the govt has powers to order companies
engaged in production, processing, manufacturing or
mining activities to maintain in their books of
accounts certain particulars relating to utilization of
material, labour and other items of cost.
According to section 233B of the companies act 1956
the govt has powers to order for the audit of cost
account.
Statutory cost audit can be conducted only by a
qualified cost accountant holding a certificate of
practice issued by the institute of cost and works
accounts of India.
11. The cost auditor is appointed by the board of directors
of the company with the previous approval of the
central govt.
Cost auditor shall submit cost audit report in the form
prescribed in cost audit (report)rules-2011
Cost auditor shall submit a report in triplicate to the
central government and at the same time forward a
copy of the report to the company.
Time limit for subscription of cost audit report by the
cost auditor is 180 days from the company’s financial
year.
A copy of cost audit report has to be attached to
income tax return of the company.
12. MANAGEMENT AUDIT
Meaning:-
Management audit is ‘the evaluation of the performance
of management of an enterprise. It is a systematic
approach by which various plans, policies and methods
of operations etc. of the management are reviewed and
appraised’.
The purpose of management audit may be to find out
whether or not there has been optimum utilization of
human resource and available physical facilities and
whether the existing system are adequate and effective
to management decision making.
13. Definition:-
According to the British Institute of Management
“Management audit is a systematic, comprehensive,
critical appraisal of the organization structure,
management practices and methods conducted
normally by external, independent persons. Its primary
objectives is to motivate management to take action
which lead to increased efficiency and profitability of
the organization.”
14. features:-
1.Purey voluntary audit
2.Performed by any management expert or a team of
experts
3.It is an audit of managerial policies and their
adequacies to meet corporate objectives
4.It may be ordered by the management on an ad-hoc
basis for a specific purpose
5. Management auditor has to report to the management
6.Management auditor makes recommendations for
improvement in managerial performance.
15. Objectives :-
1.To identify the overall objectives of a business enterprise
and to see that these objectives are being fulfilled in
actual practice.
2.To ensure optimum utilization of human resource and
available physical facilities.
3.To see that management is efficient at levels of
operations.
4.To suggest improved and better methods of managerial
operations.
5.To point out weak spots in the organization structure
and in internal control system and suggesting possible
improvements.
16. 6.To see that enterprise is successful in adopting itself to
technologies changes.
7.To anticipate problems and suggests remedies to solve
them in time.
8.To see that return on capital employed is satisfactory
and to help improve profitability.