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"Cost Audit" is the checking and verification of the cost accounting records to ensure that they are in conformity with Cost Accounting principles, plans, procedures and objectives.
"Management Audit" is an assessment of methods and policies of the management in the administration and the use of resources, tactical and strategic planning, employees etc.
"Cost Audit" represents the verification of cost accounts and check on the adherence to cost accounting plan. Cost Audit ascertain the accuracy of cost accounting records to ensure that they are in conformity with Cost Accounting principles, plans, procedures and objectives
"Management Audit" is an assessment of methods and policies of an organization's management in the administration and the use of resources, tactical and strategic planning, employees and organizational improvements.
Cost audit :1.Verification of the cost accounting Procedures followed in accordance with the accepted principles2. Verification of Cost Records and accounts3. Verification of their relevance on the current manufacturing or service process.
Management audit: Systematic assessment of Management's policies and methods in the administration and use of resources,tactical and strategic planning, and employee and organizational improvement. The objectives are assessing the current level effectiveness, suggestion for improvements and recommending a standard for the policies and procedures incorporating the findings of audit. Employees group level performance may be under consideration, but individual performance appraisal or verification is not the scope of management audit.
