02 June 2009
Objective of each type of audit varies. Audit is carried out considering audit objective.
Management audit is carried to ensure efficient and effective functioning of organization. Auditor steps into the shoes of management. Efficient could be cost effectiveness / resource utilization. Effectiveness may include ensuring that MIS reporting is not inaccurate.
Internal audit is more procedure compliance audit. For example, compliance with authority schedule.
Cost audit is to audit to ensure maintenance of cost records and costs accuracy.
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