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Cost And Management Auditing |
Course Objective
The course is designed to achieve some specific objectives. These are to know
- the concepts related to cost and management audit
- the importance of cost and management audits
- how audit plans are prepared and implemented
- the areas where management audit can be conducted
- how to prepare a management audit report
COST AUDIT (MARKS-50)
Audit Rules and Regulations-Weight -20%
405.01 Introduction to Cost Audit
Meaning, Nature and Scope of Cost Audit, Purpose and Objectives of Cost Audit, Concepts of Efficiency Audit, Value For Money (VFM) Audit, Performance Audit, Social Audit, Management Audit
405.02. Legal Status and Position of Cost Auditor as per the Company Act and other Statutes
Appointment under the Companies Act, Qualification and disqualification of Cost Auditor, Relationship between cost audit and annual statutory auditor, Rights and Powers, Responsibilities and Duties, Qualification and Disqualification, Resignation and Removal.
405.03 Legislation Relevant to Cost Audit
Companies Act, 1994, Cost Audit (Report) Rules, 1997, Order of the Government for Cost Audit, CMA Ordinance, 1977 (Ordinance No. LIII of 1977), CMA Regulations, 1980 (and subsequent amendments)
Audit Planning, Control & Reporting-Weight-30
405.04 Audit Planning, Control & Reporting
Familiarization with the industry, the organization, the production process systems and procedures, list of records and reports, preparation of the audit program.
Verification of records and reports - Utilization of statistical sampling methods - verification of performance and statements maintained under the Cost Accounting (Records) Rules.
Evaluation of Internal Control Systems - Budgetary Control, capacity utilization, inventory control, purchase and payables, sales and receivables, management information system. Assessment of the adequacy of the internal audit function.
Risk Assessment
Preparation of Cost Audit Report
Placement of report before the Board of Directors and finalization
405.05 Code of Conduct and Ethics
Professional misconduct, Liability of a cost auditors
MANAGEMENT AUDIT (MARKS-50)
Introduction-Weight- 10%
405.01 Introduction
Meaning, nature and scope, organizational needs for Management Audit and its coverage over and above other audit procedures.
405.02 Areas of Management Audit
Specific areas of management and operational audit involving review of internal control, purchasing operations, manufacturing operations, selling and distribution, personnel policies, systems and procedures. Aspects relating to concurrent audit.
Auditing Systems & Processes-Weight-20%
405.03 Auditing Process and Systems
Audit of the Management Processes and Functions, such as Planning, Organization, Staffing, Co-ordination, Communication, Direction and Control.
Auditing MIS & CSR-Weight-20%
405.04 Environmental Audit
405.05 Auditing MIS
Evaluation of Management Information and Control Systems with special emphasis on Corporate Image and Behavioral Problems. Auditing e-business, e-cash, e-payment, e-transactions.
405.06 Auditing CSR & Corporate Governance
Corporate Development and Management Audit, including operational and propriety aspects. Audit of Social responsibility of management. , Corporate governance and Board Audit Committee Functions
Text Books
1. IAASB Hand book
2. Bangladesh Standards on Auditing – ICAB
3. Contemporary Auditing, - Kamal Gupta
4. Cost Audit and Management Audit, - Dutta Chowdhory.
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