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Cost Auditing Standards under the Companies Act, 2013 : Part -I

Cost Auditing Standards under the Companies Act, 2013 : Part -I - Accounting - Auditing - By: - Rakesh Singh - Dated:- 7-1-2016 Last Replied Date:- 30-12-1899 - Introduction Cost Audit has been dealt in Section 148 of the Companies Act, 2013 and is defined in the Cost Auditing Standards as an independent examination of cost statements, cost records and other related information of an entity including a non-profit entity, when such an examination is conducted with a view to expressing an opinion .....

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ice under subsection (1) of section 6 and who is deemed to be in practice under subsection (2) of section 2 of that Act and includes a firm of cost accountants. Planning an audit of cost statements, records and other related documents is considered necessary to ensure achievement of audit objectives with available resources and securing coordination with the auditee on audit work. Section 148 (3) of the Companies Act, 2013 provides that the auditor conducting the cost audit shall comply with the .....

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101 Planning an audit of Cost Statements 102 Cost Audit Documentation 103 Overall objectives of the independent cost auditor 104 Knowledge of business, its processes and the business environment Cost Auditing Standard on Planning an Audit of Cost Statements The objective clause in the first standard on Planning an audit of cost Statements states its objective as - to guide the members in planning for the audit of cost statements so that it is performed in an efficient and effective manner. Audit .....

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of receipt of the letter of appointment and legal formalities regarding his appointment been complied along with ethical requirements as per regulations [Para 5.1 (a) &(b)]; an understanding of the terms of reference including the units to be covered, products/services to be covered, scope of coverage where the regulations leave it to be agreed between the auditor and the auditee is reached and documented. formulation of an Overall audit strategy that sets the scope, timing and direction of .....

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Overall audit strategy and the audit plan as required during the course of audit. (Refer6.8) document the overall audit strategy, the audit plan and any significant changes made therein during the audit engagements and the reasons for the changes. perform procedures regarding the acceptance of the client relationship and the specific audit and in case where the audit of the entity for the prior period was conducted by a different audit firm, the auditor shall communicate with the previous audit .....

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udit opinion on the cost statements that are materially misstated. Audit risk is a function of the risk of material misstatement and detection risk (para 4.4). (a) The risk of material misstatement has two components viz. Inherent Risk and Control risk. (1) Inherent risk: the susceptibility of an assertion about the measurement, assignment or disclosure of cost to a misstatement that could be material, either individually or when aggregated with other misstatements, before consideration of any r .....

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