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Cost segregation can help to ensure that audits are done properly. You can also get data that can help to ensure the audits are proper.
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What is the difference between Financial Audit and Cost Audit Describe each of them?
between financial audit and cost audit
The types of Cost Audit?
types of audit approach
Difference between cost audit and financial audit?
Cost audit is done to audit the cost elements of unit costs while in financial audit, audit of financial statements is done to find out information provided is true and fair or not.
What is the difference between cost audit and management audit?
Mgt audit is not compulsory under the law .cost audit in certain industry ,it is legally compulsory
What is the most reliable and cost effective audit software on the market?
"QuickBooks by Intuit offers great audit support with all of its accounting packages. Intuit's software is readily available, and works with any system."
Define cost audit?
The purpose of a cost audit is to verify all cost accounts and ensure that the company is following the predefined cost accounting plan. This type of audit focuses on every department within an organization to ensure that costs are being managed properly.
Why would you not simply let your CPA do cost segregation for your company?
The complexity of IRS rules and regulations as relates to cost segregation involves not only specialized tax law knowledge, but construction engineering expertise such as the ability to read blueprints and building specifi cations. Even if your accountant understands the basics of cost segregation, without contractor/engineer expertise and a deep understanding of the relevant tax law changes, IRS Private Letter Rulings and court cases, valuable tax benefi ts will certainly be missed. IRS cost segregation audit guidelines clearly state that "a study by a construction engineer is more reliable than one conducted by someone with no engineering or construction background." It is extremely unlikely that more than a small fraction of what an owner is entitled too will be identifi ed without a cost segregation specialist involved.
Can cost accountant do the internal audit of the company?
Cost Accountant can very well do the internal audit of the company. Since internal audit is the 'seeing us inside' and also the scope is the operations and compliance part of the activities, cost accountants have expertise in conducting the same. They are the 'most fit' professionals for conducting internal audit of manufacturing operations, processes and activities and assessing the risk involved in each area. The new Companies Act, as such, recognises cost accountants along with other finance professionals for award of internal audit assignment. And internal audit has been made mandatory for certain class of companies. But, the cost accountants who are engaged in cost audit assignment of the company cannot be engaged for internal audit of the same company as the engagement would affect objectivity and there may be conflict of interest.
Where can I find more information on cost segregation services?
There are a variety of websites that offer information on cost segregation services. Have a look at http://www.uscostsegregation.com/ AND http://www.costsegserve.com/
What does cost effective mean?
Cost-effective is the principal of going for the lowest cost.
Direct costing as a technique of costing?
direct costing is a technique in which costs are classified as direct cost or indirect cost.
Do cost segregation laws include improvements to real property?
Yes, cost segregation laws can include improvements to real property. Improvements that are considered to be part of the building structure may be categorized differently than those that are considered personal property for the purpose of depreciation. It is important to consult with a tax professional to accurately classify improvements for cost segregation.
