Enhancing Economic Efficiency through Cost Audits: A Comprehensive Analysis

Abstract

Cost audit is a vital tool for ensuring transparency, efficiency, and accountability in financial reporting. In India, the applicability of cost audits is limited to specific industries, but their potential benefits suggest a need for broader implementation. This article explores the current scenario of cost audits in India, their importance, advantages observed in advanced countries, potential economic impacts, and the support required from the Ministry of Corporate Affairs to increase their applicability.