Paper 19 :

Cost and Management Audit

Cost and Management Audit

01   Basics of Cost and Management Audit

 

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03   Cost Audit Documentation and Audit Process

 

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05   Overview of Cost Accounting Standards and GACAP

 

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

 

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09    Basics of Management Audit

 

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11   Internal Control, Internal Audit and Operational Audit

 

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13   Crash Course for Management Audit

 

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02    Companies (Cost Records and Audit) Rules, 2014

 

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04   Cost Auditor – Professional Ethics and Responsibilities

 

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06    Overview of Cost Auditing Standards

 

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08   Management Reporting Issues under Cost Audit

 

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10    Management Audit in Different Functions

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12   Case Study on Performance Analysis

 

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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

Faculty

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

Resources

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