Professional Documents
Culture Documents
Cost Audit
Verification of cost accounts and a check on the adherence to the cost accounting plan. ICWAI - Cost audit checks the minute details when the work is still in progress. It is a preventive measure, a barometer of performance, to guide management policies and decisions
Features
Examination of the operation of the system Verification Study of Distribution of Expenses Examination of various labour charges Investigation Tests of method of costing
Importance
CAS equips the profession with better guidelines on standard cost accounting practices. It assists the cost accountants in preparing uniform cost statements. It assists the management to follow the standard cost accounting practices in the matter of compliance of statutory obligations. It helps in compiling correct and reliable cost data. CAS helps in comparing the costs of production of different companies
Management Accounting By Paresh Shah Oxford University Press
CAS in India
The standards issued by CASB of ICWAI will be recommendatory in nature and every member of the institute is expected to honour the same. A standard will always make sure that it complies with the legal regulations in respect of the matter covered by it. However, a standard by its very nature will have to be more definite and specific than its legal requirements.
Management Accounting By Paresh Shah Oxford University Press