Coming soon
COST AND MANAGEMENT AUDIT
This course will enable the students to gain proficiency in conducting cost and management audits to enhance organizational financial performance and accountability.
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Course |
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Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course title |
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25ATG324
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Cost and Management Audit (Theory) |
CO79: Analyze the differences between Financial and Cost Audit, and evaluate the appointment, rights, duties, and liabilities of a Cost Auditor under the Companies Act 2013. CO80: Evaluate the preparation of a Cost Audit Programme, including assessing internal control systems and their application in various industries. CO81: Demonstrate advanced report writing skills for Cost Audit Reports and conduct audits and investigations for specific purposes. CO82: Appraise the concepts, objectives, and procedures of Peer Review to enhance Audit Quality in the context of Cost Audit and Management Audit CO83: Interpret the nature, scope, and qualities of Management Audit, and develop skills in programming and CO84: Contribute effectively in course-specific interaction |
Approach in Teaching: Interactive Lectures, Discussion, Tutorials, Problem Solving Sessions & Presentations
Learning activities for the students: Self-learning assignments, Case Study Analysis, Class Presentations (Individual & Group)
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Continuous Assessment Test, Semester End Examinations, Quiz, Solving Numerical Problems, Assignments, Individual & Group Projects |
● Cost Audit: Meaning, Object, Advantage of cost Audit, Difference between Financial and cost audit, Cost Audit of Material, Labour and Overhead.
● Cost Auditor: Appointment, Rights, Duties and Liabilities of Cost Auditor under the companies Act 2013, Relationship between statutory financial auditor, Cost Auditor and Internal Auditor.
● Cost Accounting Record Rules: requirements, Maintenance of Cost Accounting Records, CARR in different Industries with special reference to cement industry and steel industry.
● Preparation of the Cost Audit Programme: Evaluation of internal control system including material inventory, capacity utilization, management information system and internal audit.
● Cost Audit Report. Audit and Investigation for specify purpose. Advance Report writing with reference to specific situations and problems
● Peer Review: Improving Audit Quality: Concept, Objectives, Scope, Procedure
● Management Audit: Meaning, Nature, and Scope, Qualities of Management Auditor, Concept of Efficiency Audit, Proprietary Audit and Operational Audit
● Programming and Managing the Management Audit Function: Planning, Determination of Scope, Frequency of management audit, Recruitment and Training of Management Auditor,
● Specific areas of Management Audit involving review of internal control, review of purchasing control, review of selling and distribution policies and programmes, review of manufacturing operations.
1. Cost And Management Audit: Agarwal ,Pareek (Ramesh Book Depot)
2. Cost Audit & Management Audit: D.Duttachoudhury(New Central Book Agency (P) Limited)
3. Cost Management Audit: Abhishek Goutamchand Jain, (Himalaya Publishing House Ptv. Limited)
4. Management Audit: Khandelwal M.C(Ramesh Book Depot)
5. Management Audit And Cost Control: Choudhary D, (New Central Book Agency, Kolkata)
Suggested Readings:
1. Cost And Management Audit: Ramanathan(Tata Mcgraw Hill)
2. Contemporary Auditing: Kamal Gupta(Tata Mc-Graw Hill)
3. Auditing Principles And Practice: Ravinder Kumar, Virender Sharma (Phi Learning)
4. Auditing: Principle And Practice, S.D Sharma (Taxmann)
e-Resources:
1. https://icmai.in/upload/Students/Syllabus2016/Final/Paper-19-August.pdf
2. https://egyankosh.ac.in/bitstream/123456789/13796/1/Unit-12.pdf
3. https://docplayer.net/7215617-Chapter-30-cost-audit.html
