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Cost Auditing Standards under the Companies Act 2013 Part IV

Accounting - Auditing - By: - Rakesh Singh - Dated:- 9-4-2016 - 1. Introduction: The fourth in line of prescribed Cost Auditing Standard deal with the Knowledge of Business, its Processes and the Business Environment . The governing idea behind this standard is to place guidance on the Knowledge of Business, its Process and the Business Environment. This standard further describes that Cost Auditor s level of knowledge for a cost audit engagement should include a general knowledge of the economy .....

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owledge of the client s business, its processes and business environment as it is important for the cost auditor and members of the audit team working on an audit engagement. 3. Requirement envisage in this standards: The Cost Auditor shall have adequate level of understanding of the knowledge of Business, its Processes and the Business Environment to develop a reasonable assurance in order to express an opinion on the cost statements on which he is expressing an opinion. (Refer 6.1) The Entity .....

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er 6.3) The measurement and review of the entity s performance.(Refer 6.4) The Entity s Internal Control: The cost auditor shall obtain an understanding of internal controls relevant to the audit. (Refer 6.5) Control Environment: The cost auditor shall evaluate whether management has created and maintained a culture of honesty and ethical behavior. The entity s risk assessment process: The cost auditor shall obtain an understanding of whether the entity has a process for: (Refer 6.6, 6.7, 6.8) I .....

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e significant to the cost statements; The procedures, by which those transactions and their analysis are initiated, recorded, processed, and reported in the management information systems and cost statements; The related cost accounting records, supporting information that are used to initiate, record, process and report transactions; and The reporting process used to prepare the entity s cost statements, including significant estimates and disclosures. Control Activities: The auditor shall obta .....

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ms and Programmers in use in the entity; Controls on access to data; Controls on changes to data in master files, systems or programmers; an Integrity of information and security of the data Identifying and Assessing the Risks of Material Misstatement: The cost auditor shall identify and assess the risks of material misstatement at the cost statement level; and at the assertion level including items of cost, cost heads and disclosures thereof. For this purpose, the cost auditor shall: (Refer 6.1 .....

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