Question

____ defines cost audit as "as system of audit introduced by the Government of India for the review, examination, and appraisal of the cost accounting records and attendant information, required to be maintained by specified industries."

• A. Chartered Institute of Management Accountants, London.
• B. The Institute of Cost and Works Accountants of India.
• C. The Institute of Chartered Accountants of India.
• D. The Institute of Company Secretaries of India.

Answer 1

Answer: (B)

The Institute of Cost and Works Accountants of India.

Institute of chartered accountants of India is a professional accounting body which looks into the matters like accounts/ accounting standards/ policies. While Institute of cost and works accountants promotes cost accountancy related matters.

Institute of company secretaries of India is professional body responsible for regulating and developing profession of company secretaries.