UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Audit Committee and Cost Audit
Audit Committee and Cost Audit Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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180 videos|153 docs
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FAQs on Audit Committee and Cost Audit Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is the role of an Audit Committee in a company? |  |
Ans. An Audit Committee in a company is responsible for overseeing financial reporting, internal controls, and audit processes to ensure transparency and accuracy in financial operations.
| 2. Why is the establishment of an Audit Committee important for a company? | |
Ans. The establishment of an Audit Committee is important for a company as it helps in enhancing corporate governance, improving financial reporting quality, and increasing investor confidence.
| 3. What is the purpose of a Cost Audit in a company? | |
Ans. The purpose of a Cost Audit in a company is to verify the accuracy of cost accounting records, ensure compliance with cost accounting standards, and identify areas for cost reduction and efficiency improvement.
| 4. How does a Cost Audit benefit a company? | |
Ans. A Cost Audit benefits a company by providing insights into cost structures, helping in cost control and cost reduction efforts, ensuring compliance with regulatory requirements, and enhancing overall financial performance.
| 5. What are some of the key responsibilities of a Cost Audit team? | |
Ans. Some key responsibilities of a Cost Audit team include examining cost accounting records, verifying cost allocation methods, assessing cost control measures, identifying areas of cost inefficiency, and making recommendations for cost optimization.
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