Cost Audit for analysis of production cost
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.
It includes verification of the cost accounting records such as the accuracy 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.
Objective of Cost Audit is to identify the undue wastage or losses and ensure that costing system determines the correct and realistic cost of production.
Cost audit provides useful information to the management regarding regulating production, economical method of operation, reducing cost of operation and reformulating Cost accounting plans .
We perform Cost Audit on behalf of and for the management of the company.
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Effective Date for Some of the sections of CGST Act
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