Future Proofing Cost Audit Framework

Authors

  • Mahadevan Gopalakrishnan Practicing Cost Accountant, Chennai President (2011-12), The Institute of Cost Accountants of India

DOI:

https://doi.org/10.33516/maj.v54i8.64-70p

Keywords:

No Keywords.

Abstract

Right from the time Cost Audit has been introduced, the main objective, reporting methodology are undergoing frequent changes accompanied by a churn in the entire spectrum. While all stakeholders, whether internal or external are clear that it should help in improving the business performance, the ground reality is it has been treated more as a compliance than as a value adding exercise. The Institute guidance notes are more procedure oriented, dwelling to some extent on the real objective behind the cost audit. At the same time, as it is part of the statute, it cannot go beyond the mandate provided under law. This article explores the emerging contours of requirement of business and how the cost audit can emerge from the cocoon of compliance to a value adding butterfly, which will future proof the cost audit framework.

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Published

2019-08-31

How to Cite

Gopalakrishnan, M. (2019). Future Proofing Cost Audit Framework. The Management Accountant Journal, 54(8), 64–70. https://doi.org/10.33516/maj.v54i8.64-70p

Issue

Section

Cost Audit

References

The Companies Act, 2013

The Cost Accounting (Records and Audit) Rules, 2014 as amended from time to time and the associated notifications under Section 148 of The Companies Act, 2013

Expert Group Report for the Review of Cost Accounting Records and Cost Audit Rules

Cost Accounting Standards issued by The Institute of Cost Accountants of India

Standards on Cost Auditing issued by The Institute of Cost Accountants of India

Guidance Notes on Cost Accounting Records and Cost Audit issued by The Institute of Cost Accountants of India

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