Auditing · Types and Objectives of Cost Audits
Which of the following is NOT a correct description of the objectives or characteristics associated with the different types of Cost Audits?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A cost audit conducted 'On Behalf of the Trade Association' gathers comprehensive information about production capacity to make informed decisions on price maintenance.
- 2A cost audit conducted 'As an Aid to Management' ensures the provision of relevant and reliable data without the suppression of pertinent details for decision-making.
- 3A cost audit conducted 'Under Statute' empowers the Central Government to mandate certain classes of companies to undergo audits for cost control.
- 4A cost audit conducted 'On Behalf of the Government' primarily aims to verify the accuracy of costing information to maintain market prices at a certain level.✓
Correct answer
A cost audit conducted 'On Behalf of the Government' primarily aims to verify the accuracy of costing information to maintain market prices at a certain level.
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