Office 938, Business Tower, burjuman, Dubai, UAE
Audit & Assurance Service /

Cost Audit

Cost audit is an important and continuous process that a company has to execute properly during its entire existence in the market. It accounts for the complete verification of the cost records of the company and also takes into consideration the other different types of accounts. Tracking the cash flow in a company and correcting the instances where wrong data exists is the main objective of the cost audit. To understand in-depth what cost audit is, you have to understand its functions, importance, and advantages.

Some of the objectives of cost audit are enlisted below:

  • To maintain the accuracy of the data related to cost.
  • To ensure coverage of all arithmetic data in any account book.

Cost

Audit

  • It helps in maintaining all cost-related principles and complete adherence to preparing cost accounts.
  • It helps in detecting errors, drawbacks, and frauds in accounts and correcting them immediately.
  • To observe if all features of cost audit are properly followed.
  • To check the overall working condition of the cost department also comes under the process of cost audit.
  • For ensuring proper management and usage of cost strategies at the right time.
  • To develop correctness among internal auditors of the company.

An efficient cost audit by a company can lead to a lesser number of incidents of fraud and laundering. Nowadays, large companies organize half-yearly cost audits to be clear about cost-related outcomes.

We at forthright help to assess and analyze company cost structure, component, variance and make clear cost audit reports with all the facts and data intact.

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Office 938, Business Tower, burjuman, Dubai, UAE

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