Cost audit refers to verification and examination of cost Accounts with related books, documents, vouchers, statements with a view to determine the correction of cost and of the accounts drawn up and to see whether or not the principles and procedures of cost accounting have been consistently in the preparation of cost statements.
Qualification of cost auditor:
A person cannot be appointed as a cost auditor unless he is a CMA as defined in the said ordinance.
Provided that a CMA cannot be appointed as cost auditor unless he deserves a certificate of practice issued by ICMAB.