Institute of Cost Accountants of India B. B. GOYAL
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Institute of Cost Accountants of India B. B. GOYAL

Author : lindy-dunigan | Published Date : 2025-06-23

Description: Institute of Cost Accountants of India B B GOYAL Former Addl Chief Adviser Cost Head Indian Cost Accounts Service Ministry of Finance Government of India Presently Adviser Management Accounting Research Foundation Institute of

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Transcript:Institute of Cost Accountants of India B. B. GOYAL:
Institute of Cost Accountants of India B. B. GOYAL Former Addl. Chief Adviser Cost & Head, Indian Cost Accounts Service, Ministry of Finance, Government of India Presently: Adviser, Management Accounting Research Foundation, Institute of Cost Accountants of India and Independent Director, Central Coalfields Limited & Indo-Global Business Park Mobile: +91-98181-43479 Email: goyalbb@gmail.com Bhubaneswar - December 10, 2016 Regional Cost Conference = 2016 Inching towards Global Standards – Cost Auditing and Assurance Standards Cost Accountants make mistakes, the Cost Auditors find them Standards on Cost Auditing Comparison with Global Auditing Standards Comparison with Global Auditing Standards Comparison with Global Auditing Standards Best way to learn the Standards on Cost Auditing The Most Important Step in Audit Impact of Standards on Cost Auditing Important Terms used in the Standards on Cost Auditing OTHER IMPORTANT TERMS Audit documentation: Audit Documentation means the records, in physical or electronic form, including working papers prepared by and for, or obtained and retained by the Cost auditor, in connection with the performance of the audit. Management: The person(s) with executive responsibility for the conduct of the entity’s operations. Misstatement: A difference between the amounts, classification, presentation or disclosure of a reported cost statement item and the amount, classification, presentation, or disclosure that is required for the item to be in accordance with the applicable cost reporting framework. Misstatements can arise from error or fraud. OTHER IMPORTANT TERMS Risk Assessment: The audit procedures performed to obtain an understanding of the entity and its environment, including the entity’s internal control, to identify and assess the risks of material misstatement, whether due to fraud or error, at the overall cost statement level and at the assertion level including items of cost, cost heads and disclosure thereof. Those charged with governance: The person(s) or organisation(s) (e.g., a corporate trustee) with responsibility for overseeing the strategic direction of the entity and obligations related to the accountability of the entity. This includes overseeing the cost and financial reporting process. Audit Evidence: Information used by the cost auditor in arriving at the conclusions on which the cost auditor’s opinion is based. Audit evidence includes both information contained in the cost accounting records underlying the cost statements and all other related information. OTHER IMPORTANT TERMS Cost Reporting Framework: Cost Reporting Framework means the framework adopted by the management and, where appropriate, by those charged with governance, in the preparation of the cost statements that is

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