Objective: To explain the recent changes in Cost and Management Audit.
The topic started with an interaction with students about various concepts of Cost and Management accounting. The presentation about the Cost audit explained the needs and important of Cost auditing in the industries for improving the effectiveness and efficiency for an organization. Resource Person said, "Cost and Management audit question the management why they can't do it in different ways for obtaining the cost benefit and increasing the managerial skills from obstacles hindering the growth". Cost Accounting Standards as per 2014 Act is only 15 Standards, in upcoming financial amendment, the government is proposing the other 5 Standards. Cost Audit is not mandatory until 100 Crore turnover for Schedule B and 50 crore turnover for Schedule A. Managerial Auditor should focus and understand the industry proper for suggesting the strategy for improving the Industry. The thing which is not accepting the changing canít sustain in the competitive market, in the same manner changing Standards should be studied by students for obtaining additional qualification for job securing and identifying the opportunity in various field.
Classes Attended &Number of beneficiaries: 4th Semester M.Com, 2nd Semester M.Com and M.Com (F.A) & beneficiaries are 130 students.
Name and details of the Resource Person: CMA. N. Raveendranath Kaushik, Cost Accountant, Ravendranath Kaushik and Associates.