Audit
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An audit is an “independent examination of financial information of any entity, whether profit-oriented or not, irrespective of its size or legal form, when such an examination is conducted with a vie
Some typical stages in the audit process
Management accounting
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In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions.
Audit
…verification of the cost accounts and records and checking for adherence to the cost accounting objectives. According to the Institute of Cost and Management Accountants, a cost audit is “an examination of cost accounting records and verification of facts to ascertain that the cost of the product has been arrived at…
IFAC Definition of enterprise financial management concerning three broad areas: cost accounting; performance evaluation and analysis; planning and decision support. Managerial accounting is associated with higher value, more predictive information. Copyright July 2009, International Federation of Accountants
Managerial costing time line Used with permission by the author A. van der Merwe. Copyright 2011. All Rights Reserved.