Difference Between Cost Audit and Financial Audit
Every business transaction is under the scrutiny of an auditor. An auditor of every organization, institution, or government organization is supposed to concentrate on financial accounts and cost structure items. Cost audit and financial audit both are accounting systems.
Auditing is a physical inspection or examination process of an organization or institution’s financial records or books of accounts done by an auditor. All the organizations or institutions whether it makes a profit or not, the financial records should get audited every year.