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What is the difference between Financial Audit and Cost Audit Describe each of them?
A financial audit is an independent examination of a company's financial statements to ensure accuracy and compliance with accounting standards and regulations. It verifies that financial records reflect the true financial position of the organization. In contrast, a cost audit focuses on verifying the cost accounting records, ensuring that cost data is accurate and that the company adheres to cost control measures. While financial audits focus on overall financial integrity, cost audits are concerned with efficiency and the management of resources. For more insights on audit practices and project management training, visit PMTrainingSchool .Com (PM training).
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 are the difference between cost accounting and financial accounting?
Prime role of cost accounting is to calculate the cost per unit of product produce while financial accounting deals with financial reporting of company's performance.
Difference between cost and expenditure?
basically both are cash outflow but in case of cost we have some financial advantage while in case of expenditure there are no financial advantage.cost is an value of any item.
What difference between cost and costing?
difference between cost and costing
What is the difference between Financial Audit and Cost Audit Describe each of them?
A financial audit is an independent examination of a company's financial statements to ensure accuracy and compliance with accounting standards and regulations. It verifies that financial records reflect the true financial position of the organization. In contrast, a cost audit focuses on verifying the cost accounting records, ensuring that cost data is accurate and that the company adheres to cost control measures. While financial audits focus on overall financial integrity, cost audits are concerned with efficiency and the management of resources. For more insights on audit practices and project management training, visit PMTrainingSchool .Com (PM training).
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 difference between cost accountant and financial accountant?
DISTNGUISH between finance, management accountant and financial accounting
What are the difference between cost accounting and financial accounting?
Prime role of cost accounting is to calculate the cost per unit of product produce while financial accounting deals with financial reporting of company's performance.
Difference between cost and expenditure?
basically both are cash outflow but in case of cost we have some financial advantage while in case of expenditure there are no financial advantage.cost is an value of any item.
The types of Cost Audit?
types of audit approach
What difference between cost and costing?
difference between cost and costing
What is the Difference between integrated and interlocking accounting system?
Integrated system is one which combines the cost accounting and financial accounting functions in one system of ledger accounts while an interlocking system has a cost ledger for the cost accounting function and a financial ledger for the financial accounting function.
What is financial Cost of internal Audit?
The financial cost of an internal audit includes expenses such as salaries for audit staff, costs of training and development, and resources for audit tools and software. Additionally, there may be indirect costs related to the time spent by management and employees in preparing for audits and responding to findings. Overall, while these costs can be significant, effective internal audits can lead to improved compliance, risk management, and operational efficiency, potentially saving the organization more in the long run.
What is the difference between cost and list price?
whats the difference between cost and list?
What is the difference between imputed costs and book costs?
Imputed costs do not appear in the historical cost accounting records for financial reporting. The actual cost incurred is recorder and is called a book cost.
What is the difference between differential cost and incremental cost?
There is no difference
