Question

    The primary role of a 'Cost Auditor' is

    to:
    A Express an opinion on the true and fair view of the financial statements. Correct Answer Incorrect Answer
    B Verify the accuracy of cost records and ensure adherence to cost accounting standards. Correct Answer Incorrect Answer
    C Evaluate the effectiveness of internal controls. Correct Answer Incorrect Answer
    D Detect fraud and embezzlement in revenue transactions. Correct Answer Incorrect Answer

    Solution

    A Cost Auditor is appointed (in specified companies) under the Companies Act, 2013, to conduct an audit of the cost records maintained by the company. Their main objective is to ensure that the cost accounting records are properly maintained and comply with the Cost Accounting Standards.

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