Q.Define Cost Audit.

Cost Audit independently verifies a company's cost accounting RECORDS — whether costs of production have been correctly worked out and recorded in line with the organisation's cost accounting plan — a narrower, more technical question than a financial audit's 'do the accounts as a whole show a true and fair view?' In India it is statutorily required for prescribed companies under Section 148 of the Companies Act, 2013, and must be conducted by a Cost Accountant (ICAI-CMA), not a Chartered Accoun …