The objective of this course is to -
Course Outcomes (COs):
Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Paper Code |
Paper Title |
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ATG 324 |
Cost & Management Audit |
CO63:Focus on basic cost information, appropriately computed cost centre wise, system based cost data support for decision making processes. CO64:Ensure uniformity and maintain cost records as per Generally Accepted Cost Accounting Principles. CO65:Tabulate the cost information and construct the system thus evolved for gainful operation and use in the strategy making for measuring productivity, profitability, etc. CO66:Prepare cost audit report in compliance with statutory obligations CO67:Understand the usefulness of cost audit and interpret for stakeholders view. CO68:Discuss the concepts of management audit and demonstrate its usefulness. CO69: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,
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Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Individual 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 the 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 Bool Depot)
2. Students Guide to Auditing: ArunaJha (Taxmann)
3. Auditing: Jain, Khandelwal, Pareek (Ramesh Book Depot)
4. Auditing Theory & Practice: A.K Singh (Galgotia Publishing Company New Delhi)
1. Contemporary Auditing: Kamal Gupta(Tata Mc-Graw Hill)
2. Auditing: Principle and Practice, S.D Sharma (Taxmann)
3. Auditing Principles and Problems: T.R Sharma (SahityaBhawan Agra)
4. Fundamental of Auditing: Gupta &Arora (Tata McGraw Hill)