The present textbook titled “Cost Audit” has been meticulously prepared to
cater to the academic and practical needs to the students of M.Com-II, Semester-III
for four credits, especially in alignment with the National Education Policy (NEP)
2020. The book is designed to enhance conceptual understanding, analytical ability,
and application skills, with a focus on interdisciplinary learning and real-world
relevance.
Cost audit is an essential component of modern business practices. It ensures
cost transparency, efficiency, and compliance with statutory regulations. The subject
is not only vital for students aspiring to become cost auditors or management
professionals but also for those aiming to contribute to sustainable business
practices.
This book is structured to meet the curriculum framework recommended by
NEP 2020, which emphasizes a holistic, flexible, and multidisciplinary approach
to higher education. It encourages critical thinking, skill development, and ethical
values through integrated content. Each chapter includes learning outcomes,
conceptual clarity, practical examples, case studies, MCQs, and assignments to
enhance student engagement and comprehension.
Salient features of this book include:
• Coverage of key concepts of cost audit, including its objectives, planning,
execution, and reporting.
• Emphasis on legal framework and professional ethics relevant to cost
auditing.
• Integration of real-life case studies and industry-based examples.
• Ensures uniformity and transparency in cost reporting and ensure
the company follows prescribed cost accounting standards issued by
regulatory authorities of ICMAI. Inclusion of self-assessment tools, such
as objective questions, review questions, and practical problems.
• Focus on skill-based learning and outcome-based education as advocated
by NEP 2020.
We hope this textbook serves as a valuable academic companion to students,
teachers, and practitioners alike. We sincerely welcome feedback and suggestions
for improvement in future editions.