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Cost Auditing Standards under the Companies Act, 2013: Part –III

Accounting - Auditing - By: - Rakesh Singh - Dated:- 29-1-2016 - Cost Auditing Standards under the Companies Act, 2013: Part -III Introduction: The third in line of prescribed Cost Auditing Standards deals with the Overall Objectives of the Independent Cost Auditor and the Conduct of an Audit in Accordance with Cost Auditing Standards . The governing idea behind this standard is to place guidance on the Overall Objectives of the Independent Cost Auditor for Conducting an Audit of Cost Statements .....

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CAS-22 which are special purpose standards, all others are relevant and apply on audit by an auditor. Objective: of this Standard is to lay down the overall objectives of Cost Auditor and ensuring the Conduct of the Audit of Cost Statements in accordance with the Cost Auditing Standards and to: Obtain reasonable assurance about whether the cost statements as a whole are free from material misstatement, due to fraud or error and enable the auditor to express an opinion whether the Cost Statement .....

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of the cost of production, cost of sales and margin of products covered by the Cost Audit. Report of Cost Statements in the form required by law or by the Cost Auditing Standards in accordance with the auditor s findings. Where reasonable assurance cannot be obtained, the cost auditor should qualify the opinion and in extreme cases disclaim an opinion. It may however be noted that the objective of the auditor may not be limited but may extend to making observations and suggestions where require .....

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ard exist. (Refer 6.2) The Cost Auditor shall have an understanding of the entire text of the Cost Auditing Standard, including its application and other explanatory material, to understand its objectives and to apply its requirements properly. The Cost Auditor shall not represent compliance with the cost auditing standards in the cost auditor s report unless the auditor has complied fully with all of the Cost Auditing Standards relevant to the audit. In exceptional circumstances, the cost audit .....

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duce audit risk to an acceptably low level and thereby enable the auditor to draw reasonable conclusions on which to base the auditor s opinion. (Refer 6.4) The cost auditor shall exercise professional judgment in planning and performing the audit. The cost auditor shall determine whether the Cost Reporting Framework followed by management in preparing cost statements is in line with the Companies Act and the Rules prescribed there under. (Refer 6.5) The cost auditor shall not be required to per .....

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ant terms / definitions used in the standard are : Misstatement:- A difference between the amounts, classification, presentation or disclosure of a reported cost statement item and the amount, classification, presentation, or disclosure that is required for the item to be in accordance with the applicable cost reporting framework. Misstatement can arise from error or fraud. Non Compliance:- Acts of omission or commission by the entity, either intentional or unintentional, which are contrary to t .....

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