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Cost Audit
Cost Audit
Cost Audit
and adherence to the cost accounting plans MEANING Cost audit is the systematic examination and verification of the correctness of cost accounts, costing techniques and systems so as to ensure the adherence of the same to the cost accounting plans and objectives.
Efficiency audit-also known as performance audit. It is concerned with evaluation of policies, plans and decisions and their results so as to ensure that these have been carried out efficiently.
10.Accuracy and reliability of cost accounts and helps in improving the cost accounting system and techniques.
11.Helps in fixation of selling prices, contract price or tender prices,etc
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CONSUMERS 1.Fixation of fair prices 2.Helps in reducing wastages, increasing productivity and reducing costs
WORKERS 1. increased profitability resulting into higher bonus, better working conditions, and increased facilities, etc.
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Settling many trade disputes between the management and the workers, such as higher wages, bonus, profit sharing, etc.
Improve their efficiency
GOVERNMENT AND THE PUBLIC 1. 2. 3. 4. 5. 6. 7. Fixing the prices of the commodities Determine the quantum of duty draw back and also prevent additional out go of foreign on imports which otherwise may be misutilised. Used to regulate custom and excise duties Help the government authorities to determine whether the benefits of tariff and other concessions are being passed on to the public Long term price contract and also for settling claims for escalation of prices Settlement of trade disputes Fraudulent management of a company
uncertainity
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