COST AND MANAGEMENT AUDIT

Paper Code: 
ATG 324
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

  
 

CO 79: Focus on basic cost information, appropriately computed cost centre wise, system based cost data support for decision making processes.

CO 80: Ensure uniformity and maintain cost records as per Generally Accepted Cost Accounting Principles.

CO 81: Tabulate the cost information and construct the system thus evolved for gainful operation and use in the strategy making for measuring productivity, profitability, etc.

CO 82: Prepare cost audit report in compliance with statutory obligations

CO 83: Understand the usefulness of cost audit and interpret for stakeholders view.

CO 84: Evaluate the performance of an organization through cost accounting records and cost audit reports.

Approach in teaching:

Interactive Lectures, Discussion, Tutorials, assignments.

 

Learning activities for the students:

Self-learning assignments, Effective questions,  Giving tasks,

 

Class test, Semester end examinations,  Quiz, Solving problems in tutorials, Assignments,  Individual projects

  

 

18.00

• 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.

18.00

• 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.

18.00

• 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

18.00

• 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

18.00

• 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.

Essential Readings: 

• Cost and Management Audit: Agarwal ,Pareek (Ramesh Book Depot)
• Cost Audit & Management Audit: D.Duttachoudhury(New Central Book Agency (P) Limited)
• Cost Management Audit: Abhishek Goutamchand Jain, (Himalaya Publishing House Ptv. Limited)
• Management audit: Khandelwal M.C(Ramesh Book Depot)
• Management audit and cost control: Choudhary D, (New Central Book Agency, Kolkata)

References: 

SUGGESTED READINGS:

  • Cost and management audit: Ramanathan(Tata McGraw Hill)
  • Contemporary Auditing: Kamal Gupta(Tata Mc-Graw Hill)
  • Auditing Principles And Practice: Ravinder Kumar, Virender Sharma (PHI Learning)
  • Auditing: Principle and Practice, S.D Sharma (Taxmann)

e-RESOURCES:

JOURNALS:

  • Business Perspectives and Research
  • IUP Journal of Accounting Research
  • Jindal Journal of Business Research
  • Nirma University Journal of Business & Management Studies
  • Oorja
  • The Chartered Accountant
  • The Indian Journal of Commerce

 

Academic Year: 
2023-2024
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