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Home > QFINANCE Dictionary > Definition of cost audit

Definition of

cost audit

Accounting

check on cost records and accounts the verification of cost records and accounts, and a check on adherence to prescribed cost accounting procedures and their continuing relevance

cost audit - Related Articles
  • Compliance and Corporate Audit

    Best Practice

    likely to rely on the work of internal auditors when the internal audit department and its personnel are more independent (i.e. the department reports to the audit committee). This may result in significant cost savings in terms of the external audit fee (Messier, Glover, and Prawitt, 2010).
    By Helen Roybark

  • Cultural Changes in External Auditing

    Best Practice

    This chapter focuses on external audits of financial statements. The objective of an external audit is to conclude that financial statements are, or are not, fairly presented in accordance with appropriate accounting standards. Consequently, a knowledge of accounting is a prerequisite for auditing
    By Jyothi Manohar

  • Incorporating Operational and Performance Auditing into Compliance and Financial Auditing

    Best Practice

    “The truth is, “audit gets no respect.” Quite frankly, if the audit department in question is using yesterday’s approach in today’s company, has not manoeuvred top management and the board into focusing on the company’s top five or ten risks, has not caused management to quantify these risks
    By Andrew Cox

  • Considerations when Outsourcing Internal Audit

    Best Practice

    When deciding to outsource internal audit, three options should automatically be evaluated before a decision is taken. First, is the inhouse function fit for purpose? Second, is outsourcing a value-adding solution? Third, is a better option to cosource1 where skills can be improved or cost savings
    By Peter Tickner

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Definitions of ’cost audit’ and meaning of ’cost audit’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’cost audit’ and other financial terms with our online QFINANCE Financial Dictionary.

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