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 |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course title |
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24ATG324
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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.
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Cost Accounting Record Rules: requirements, Maintenance of Cost Accounting Records, CARR in different Industries with special reference to cement industry and steel industry.
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Preparation of the Cost Audit Programme: Evaluation of internal control system including material inventory, capacity utilization, management information system and internal audit.
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Cost Audit Report: Audit and Investigation for specify purpose. Advance Report writing with reference to specific situations and problems
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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,
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Specific areas of Management Audit: 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:
- 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:
- https://icmai.in/upload/Students/Syllabus2016/Final/Paper-19-August.pdf
- https://egyankosh.ac.in/bitstream/123456789/13796/1/Unit-12.pdf
- https://docplayer.net/7215617-Chapter-30-cost-audit.html
