seminar | “Cost Audit, Procedures, Compliance and Impact of Notices | Noida Chapter of Institute of Cost Accountants of India.
Date 02.09.2023, Noida a seminar on “Cost Audit, Procedures, Compliance and Impact of Notices” was organized by the Noida Chapter of Institute of Cost Accountants of India. CMA MK Anand, ICOAS, and CMA Sankalp Wadhwa are the Key note speakers in this seminar.
“CMA Parmanand Goyal, Executive Director Finance, Refinery Business, Indian Oil Corporation Limited” has graced the occasion as Chief Guest of Programme, CMA Parmanand Goyal Said “There is immense responsibility on cost auditor to ensure that the cost accounting and cost records of a company are in order. This would not only require a cost auditor to have a detailed understanding of the business and operations of the company but also to deploy adequate audit procedures for verification of cost records. Non- compliance of regulatory provisions not only invite penalties but also erode the trust of investors and customers.
Apart from the legal requirement of maintaining cost records and audit of the same, cost accounting provides management with insights into cost structures, pricing strategies, and resource allocation. These insights aid in making informed decisions related to pricing, production, investments, and expansion.
In this age of digital transformation, data analytics is playing a crucial role for enterprises and is revolutionizing the way costs are managed, products are priced and markets are identified. There is immense scope of using data analytics in the audit of cost records. Embracing these technologies can streamline processes, reduce errors, and provide insights that were previously unimaginable. ”
Other Keynote Speakers CMA MK Anand, ICOAS, former cost adviser, has given their insight on the subject with reference to Government Perspective, whereas other experienced speaker CMA Sankalp Wadhwa has elaborated the industry perspective on the subject.
Shri M.C. Bhardwaj, from the priest’s family from Maa Kalkaji Temple Delhi, felicitated the chief guest and the Key Note speakers by Giving Maa ki chunari as a blessing of the mother Kalka ji.
“Members of the Management Executive Committee of Noida Chapter, Chairman Shri Pawan Dixit, Vice Chairman Shri M.C. Bhardwaj, Secretary Shri Praveen Bhardwaj, Treasurer Shri K.N. Pandey, Joint Secretary Smt. Shailja Singh and Joint Treasurer Shri Devendra Sharma welcomed all the dignitaries and all the members.
The seminar was attended by more than 200 members of the Institute, the seminar was attended by former Chairman of Noida chapter Mr. Suraj Prakash Ex Director BEML, Mr. Rahul Attri, Ms. Rubi Mishra, Mrs. Swati Chaturvedi, Mr. R.C. Gupta, Mr. Anurag Goyal, Mr Robin Singh, Sh Vivek Srivastava, Mr RC Thakur and many other senior members of the institute.
Noida Chapter Secretary Shri Praveen Bhardwaj assured that such an informative program will be conducted in a short span of time. He thanked all the members associated with the program and the media, the fourth pillar of democracy.
