Business Ethics and Corporate Governance, Second Edition

CORPORATE GOVERNANCE AND INTERNAL AUDITORS

Internal Audit/Cost Audit

The subject matter of cost audit can never be studied independently of the cost accounting framework. The evolution of cost management domain in our country can be traced to four stages in brief:

1. The first stage: the decade of 1950s and 1960s: This was the period of setting up of industrial activities and cost plus regime. The genesis was the demand for very many products for which the government administered Fair Prices. This was the time when the Tariff Commission and the Bureau of Industrial Costs and Prices were set up by the government. The ICWAI itself came into being during this time.
2. The second stage: the period between 1970 and 1985: The period between 1970s and mid-1980s ...