Paper 19 :

Cost and Management Audit

Cost and Management Audit

01   Basics of Cost and Management Audit


1 Lecture                 Know More

02    Companies (Cost Records and Audit) Rules, 2014


6 Lectures                Know More

03   Cost Audit Documentation and Audit Process


1 Lecture                 Know More

04   Cost Auditor – Professional Ethics and Responsibilities


Lecture                 Know More

05   Overview of Cost Accounting Standards and GACAP


13 Lectures                Know More

06    Overview of Cost Auditing Standards


 9 Lectures                Know More

07   Filing of Cost Audit Report to MCA (In XBRL Format (as per Taxonomy))


1 Lecture                 Know More

08   Management Reporting Issues under Cost Audit


5 Lectures                Know More

11   Internal Control, Internal Audit and Operational Audit


2 Lectures                Know More

12   Case Study on Performance Analysis


8 Lectures                Know More

09    Basics of Management Audit


Lecture                 Know More

10    Management Audit in Different Functions


2 Lectures                Know More

13   Crash Course for Management Audit


2 Lectures                Know More

About Cost and Management Audit


Audit is a process of framing an opinion on the Cost accounting records and coming up with various comments on the reportable areas. It covers various audit areas like that Operational Audit, Internal Audit and Management Audit that some cases suggestions on the exceptions of opinion framed are also included.

As a CMA, this is one of your core competency areas. So, you need to understand these concepts in detail. At intermediate level, you would have studied these concepts at the elementary level, but at Final level, you will be learning these concepts at an advanced level. As an advisor to businesses, you need to know how to help them control their costs. 


 The topics covered in Cost & Management Audit at CMFinal Level is,

  • Companies (Cost Records and Audit) Rules, 2014, Cost Accounting Standards and Cost Auditing and Assurance Standards contains big basket of emerging and existing concepts of Costing  
  • Management Audit, Operational Audit and Internal Audit are key areas for a Cost Auditor in his practicing or working professional activities, which can be here learnt logically 
  • Case studies play a good role iunderstanding on implementation of concepts learnt in the course 


The best approach to studying for the Cost & Management Audit paper is,

  • Concentrate on understanding the theoretical concepts  
  • Practice a lot of problems in the domain 
  • Refer to previous years’ examination papers to get an idea of the questions 
  • Understand the formulae and concepts involved rather than mugging them up 
  • While studying from online video lectures take an active role rather than a passive one. Take short notes while watching videos to retain concepts in your memory


CMA Rajaram V
CMA Rajaram V
CA Rohit Goyal
CA Rohit Goyal


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