11 March 2009
cost audit : the verification of cost records and accounts, and a check on adherence to prescribed cost accounting procedures and their continuing relevance.
management audit :Systematic assessment of methods and policies of a firm's management in the administration and the use of resources, tactical and strategic planning, and employee and organizational improvement. Its objectives are to (1) establish the current level of effectiveness, (2) suggest improvements, and (3) lay down standards for future performance. Management auditors (employees of the firm or independent consultants) do not appraise individual performance, but may critically evaluate the senior executives as a management team. See also performance audit.
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