cost-audit

Who is the Cost Accountant? Cost accountant means a cost accountant as defined in clause (b) of the sub-section (1) of Section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid certificate of practice under sub-Section (1) of Section 6 of the Act. To conduct the cost audit, the person should be a member of the Institute of Cost Accountants of India, constituted under the Cost and Works Accountants Act, 1959 and shall hold a valid membership and certificate of practice....

Meaning of Cost Audit: Cost audit is nothing but the verification of cost records and accounts and checking on the accuracy in adherence to the prescribed cost accounting procedures, plans and principles.Cost audit is nothing but verification of particulars related to utilisation of material, labour and other cost related variants for a given period of time. Objectives of Cost Audit: The main motive of cost audit is to determine the costs of various fixed and variable costs....