Broadly, Audit involves the following :
- Indepth study of existing systems, procedures and controls for proper understanding. Suggestions for improvement and strengthening.
- Ensuring compliance with policies, procedures and statutes.
- Comprehensive review to ensure that the accounts are prepared in accordance with Generally Accepted Accounting Policies and applicable Accounting Standards.
- Checking the genuineness of the expenses booked in accounts.
- Reporting inefficiencies at any operational level.
- Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence.
- Issue of Audit Reports under various laws.
Cost Accounting Record Maintenance and Cost Audit Services
1. Comprehensive Cost Accounting Solutions
- Expert assistance in establishing and maintaining accurate cost accounting records.
- Tailored solutions to meet the unique needs of your business.
2. Cost System Design
- Customized design of cost accounting systems to optimize financial management.
- Implementation of effective cost control mechanisms and reporting structures.
- Development of appropriate cost allocation methods for direct and indirect costs.
- Strategies to ensure accurate product costing and profitability analysis.
3. Inventory Valuation
- Guidance on inventory valuation methods (FIFO, LIFO, Weighted Average).
- Ensuring compliance with relevant accounting standards.
5. Budgeting and Forecasting
- Assistance in preparing detailed budgets and forecasts based on cost analysis.
- Ongoing monitoring to track performance against budgets.
6. Cost Control and Reduction
- Identification of cost-saving opportunities through detailed cost analysis.
- Implementation of cost control measures to enhance profitability.
7. Cost Audit Services
- Comprehensive cost audits to assess compliance with cost accounting standards.
- Review and validation of cost statements and records for accuracy.
8. Regulatory Compliance
- Ensuring adherence to legal and regulatory requirements related to cost accounting.
- Support with compliance for statutory audits and reporting.
9. Performance Evaluation
- Analysis of cost data to evaluate operational efficiency and performance.
- Recommendations for process improvements based on audit findings.
10. Training and Support
- Training sessions for staff on cost accounting practices and systems.
- Ongoing support to ensure effective implementation and maintenance of cost records.
Get Started Today
- Schedule a consultation to discuss your cost accounting and audit needs.
- Reach out for expert guidance on optimizing your costing systems.
Types of Audits conducted
- Cost Audit
- Internal Audits.
- Concurrent Audits.
- Stock Audit
- Audit of Co-operative Societies.
- Various Certification services under RBI, FEMA, SEBI, Customs etc.