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1  Basics of Cost Audit  Professional Ethics 1 BASICS OF COST AUDIT Cost audit is “the verification of the correctness of cost accounts and of the adherence to the cost accounting plan”- CIMA. In other words, cost audit is the verification of the cost of production of any product, service or activity on the basis of accounts maintained by an enterprise in accordance with the accepted principles of cost accounting. Cost audit as “a system of audit introduced by the government of India for the review, examination a