Implementing Authorities of Cost Audit
Cost audit might be conducted on account of the needs of any of the authorities listed below:
1. Government
The Government might order for cost audit for some of the following mailers:
(a) For fixation of the fair prices of some essential materials example in order to find out the cost price of materials like ferrous and non-ferrous metals, petroleum products, cloth, paper, sugar etc., the cost accounts officers of the Tariff Commission observe the actual cost records of some representative factories.
(b) For providing protection to certain industries.
(c) In case of orders placed within cost plus contract system along with the private parties.
(d) While there are reasons to doubt that prices are going up because of profiteering or production hampered because of fraudulent or inefficient management.
Within the Section 209 of the Companies Act, the Central Government has the power to order for preservation of cost records in case of specific classes of industries.
Cost audit done within the orders of the Government is also known as "statutory cost audit"."
2. Labour tribunals
An industrial tribunal might order for conducting of cost audit for special purposes like for deciding workers claim for more bonus, wages, share in profits etc.
3. Trade associations
In case dissimilar units occupied in similar industry are following uniform costing system, the trade association, if vested along with such type of authority through the member concerns, might order for cost audit of member companies, to determine whether the costing technique is being followed correctly.
4. Management
Cost audit is also a part of usual internal control measure. The management might order for audit of cost records to notice that the costing data placed before the management is reliable and that it has enough details to facilitate it to take suitable decisions.
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