This article throws light upon the top three responsibilities of a cost auditor. The responsibilities are: 1. Professional Responsibilities 2. Ethical Responsibilities 3. Legal Responsibilities. Responsibility # 1. Professional Responsibilities: The Council of the Institute of Cost and Works Accountants of India has cast upon the cost auditors the following nature of responsibilities. (i) Responsibility to clients and confidentiality: He [...]
This article throws light upon the two main classification of the liabilities of a cost auditor. The classifications are: 1. Contractual Liability 2. Criminal Liability. Cost Auditor’s Liabilities: Classification # 1. Contractual Liability: The cost auditor is liable for non-fulfilment of the terms and conditions of an agreement between him and the company who appoints him e.g. voluntary cost audit. [...]
After reading this article you will learn about the rights, powers and duties of the Cost Auditor. Rights and Powers of a Cost Auditor: According to Section 233B (4) of the Companies Act, 1956, the cost auditor 'shall have the same powers and duties in relation to an audit conducted by him under this section as an auditor of a [...]