Answer / harsha

cost audit: It is the detailed checking of the costing system, technique and accounts to verify their correctness and to ensure adherence to the objective of cost accountancy.

management audit:It is a comprehensive and complete examination of all managerial functions and the effective use of their total resources in achieving the goals of an organization.

Answer / v p narasimhan

Evey company will have its own accounting policy including
for costing ! The ways & means to be ascertained. Basic
things to arrive cost & cost sheet to be analyzed & to be
audited whether its in line with the policy & accounting
standard. For example a Landed Cost for imported
materials/components will be arrived as follows: viz., C I F
+local transport + loading & unloading charges + exchange
Loss. in fact erection & installation charges also to be
considered in the cost sheet.In case of Manufacturing
company a "Traveling Job Card/Cost" which gives various step
by step & stages the total expenses incurred to make a
complete product to be considered & audited. Cost sheet
which gives workings for all the above is the base one for
audit.

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