Mgt audit is not compulsory under the law .cost audit in certain industry ,it is legally compulsory
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Cost audit is done to audit the cost elements of unit costs while in financial audit, audit of financial statements is done to find out information provided is true and fair or not.
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).
Management accounting is use for internal accounting purpose of business management while cost accounting is use to find out the per unit cost of production.
difference between cost and costing
HELLO DIFFERENCE BETWEEN MANAGEMENT AND COST ACCOUNTING IS AS FOLLOWS:- COST MANAGEMENT MEANS-: cost management and cost analysis, and organizations, including materials, labor, effort and time for each activity in the manufacture and supply of goods and services. This information can be used to improve the efficiency and overall cost. COST ACCOUNTING MEANS :-Uses accounting entry finance, operations, suppliers, customers and competitors to conduct internal decision and planning.