Cost Accounting Systems Audit Training Course

ICTI and Partners Certification

1 Week

20 hours

Classroom, In-House, Online

Price: £3500

Group discounts available. Get Registered for more details.

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Imperial Corporate Training Institute provides a unique opportunity for financial auditors who want to enhance their skills related to auditing cost accounting systems. The training provides auditors with an understanding of the various aspects of cost management in an organisation as well as the importance of having a proper framework to manage these elements. This training also helps participants to understand the relationship between an organisation’s cost accounting system, operational systems, and controls. The training will allow participants to properly evaluate and use a cost accounting system when making decisions and preparing financial reports.

Cost accounting systems can be complicated to audit due to the different areas of an organisation they encompass, the Imperial Corporate Training Institute’s training course allows professionals to develop a high level of competency for performing the audits through practical applications of the concepts taught. Overall, the training course will provide participants with the skills to assess an organisation’s financial costs through auditing.

Objectives

By the end of this Cost Accounting Systems Audit Training Course, participants will be able to:

Understand how the structure and purpose of Cost Accounting Systems work within organisations.

Evaluate the design and effectiveness of Controls in Cost Accounting Environments.

Use Professional Audit Practices to Evaluate the Accuracy and Reliability of Cost Data.

Identify Risks Associated with Cost Accumulation, Allocation and Reporting.

Analytical Assessment of Variances and Cost Behaviour from an Audit Perspective.

Evaluate/Assure Compliance with Organisational Policies and Procedures, Generally Accepted Accounting Principles, and Regulatory Requirements.

Verify that System Generated Cost Reports Have Audit Relevance and Integrity.

Strengthen Internal Audit Planning for Cost Accounting Systems.

Provide Management with Audit-Based Information to Assist in Improving Cost Efficiency and Performance.

Target Audience

This training course is designed for professionals involved in financial auditing, cost analysis, and internal control assessment, including:

Internal and external auditors
Cost accountants and management accountants
Finance managers and financial controllers
Internal control and risk management professionals
Compliance officers
Audit committee members
Professionals involved in operational and performance audits
Finance and accounting professionals seeking specialisation in cost accounting system audits

Course Modules

Overview of cost accounting systems and their role in organisational reporting
Types of cost accounting systems used in modern organisations
Flow of cost data from source documents to final reports
Relationship between cost accounting systems and financial statements
Auditor’s responsibility in understanding system structure before applying audit procedures

Classification of costs for audit and control purposes
Analysis of fixed, variable, and mixed costs within systems
Review of cost behaviour assumptions and their audit implications
Evaluation of system accuracy in cost categorisation
Impact of cost behaviour errors on managerial and financial reporting

Design of controls within cost accounting systems
Segregation of duties and authorisation controls over cost data
Preventive and detective controls related to cost recording
System-based controls and manual control procedures
Auditor evaluation of control effectiveness and reliability

Identification of inherent and control risks in cost accounting systems
Common risks affecting cost accumulation and allocation
Risk assessment techniques used in cost system audits
Linking identified risks to audit planning
Determining audit scope based on system risk levels

Verification of direct material, labour, and overhead costs
Testing the accuracy of cost accumulation processes
Review of source documentation supporting cost entries
Application of audit procedures to trace costs through systems
Identification of errors and irregularities in accumulated costs

Review of cost allocation methods used within systems
Evaluation of overhead absorption bases and rates
Consistency of allocation methods across accounting periods
Audit procedures for testing overhead calculations
Assessment of control effectiveness over cost allocation processes

Understanding standard costing systems from an audit perspective
Review of procedures for setting and updating cost standards
Analysis of material, labour, and overhead variances
Audit procedures for validating variance calculations
Assessment of controls preventing manipulation of variance data

Integration of cost accounting systems with budgeting processes
Audit review of budget preparation and approval controls
Monitoring and reporting of budget variances through systems
Evaluation of system controls over budget revisions
Use of audit procedures to assess budgetary discipline

Structure and components of activity-based costing systems
Identification and review of cost drivers and activity pools
Audit procedures for testing ABC data accuracy
Evaluation of controls over activity measurement
Reliability of ABC reports for decision-making and performance analysis

Integration of cost accounting systems within ERP environments
Review of automated controls and system configurations
Data integrity and access controls within integrated systems
Audit trails and system-generated reports
Audit procedures for testing technology-driven cost systems

FAQs

What is the main focus of the Cost Accounting Systems Audit Training Course?

The course focuses on auditing cost accounting systems, evaluating controls, and applying audit procedures to ensure the accuracy, reliability, and effectiveness of cost information used for decision-making.

Is this course suitable for both internal and external auditors?

Yes, the course is designed for internal and external auditors who need to assess cost accounting systems and related controls as part of financial or operational audits.

Does the course cover practical audit procedures?

Yes, the programme provides detailed coverage of audit procedures used to test cost accumulation, allocation, variance analysis, and system-generated cost reports.

Are internal controls a key part of the course content?

Internal controls are a core focus of this financial audit training course, particularly controls embedded within cost accounting systems and their role in ensuring data integrity.

Will participants learn about auditing technology-based cost systems?

Yes, the course covers integrated and ERP-based cost accounting systems, including system interfaces, automated controls, and audit trails.

Course Dates

Availiable Dates

Place

April 6, 2026

April 23, 2026

September 23, 2026

December 23, 2026

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