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Cost Audit Report

Infocost is dedicated to implementing solutions for comprehensive Cost Audit Reports, including all required annexures for statutory audits. Our skills in SAP Costing and SAP Finance ensure effective financial oversight and compliance.

To prepare the cost audit report Manually at the end of the year it would take minimum 30 to 45 days and lot of Manual allocation and calculations being done in Excel file, This automation can reduce the preparation time to 10 days with all the reconciliations

Sub-modules for Cost Audit

Following are the sub modules are there for the cost audit:

  1. 1 Costing Trial Balance or Expenses Summary Sheet
  2. 2 Process wise cost sheet for all the SFG and FG
  3. 3 Quantity chart reports
  4. 4 Abridged cost statements
  5. 5 Profit reconciliations
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Common Questions

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Cost audit report is a statutory requirement to be presented to the Cost Auditor on annual basis and this will be presented at the Board Meeting as Well, So If the total working of the Cost audit is prepared in Excel file manually then the Creditability of the Cost audit report is not up to the mark,
Since Cost audit report is a complex report and it is meant for the External Use, so it is very important to get it ready through the SAP system Automatically without manual interventions
This Automation will help to build the Creditability of Company Infront of the Auditors and Outside shareholders and Board members, it will definitely add lot of value in terms of future investment and growth
Basic Costing , Basic MM and PP modules
To prepare the cost audit report Manually at the end of the year it would take minimum 30 to 45 days and lot of Manual allocation and calculations being done in Excel file, This automation can reduce the preparation time to 10 days with all the reconciliations
Approach:
Capture the quantity data i.e. Closing stock, Transaction data for the production and consumption of materials
Production relevant cost of conversion and other cost related to the cost audit to be captured from the respective cost centers
Separate cost objects to be created for the level at which we are looking for the cost collections and allocations of cost.
Manual adjustments in the cost audit are the main challenges, as these data are not recorded in the SAP system Though we have the options to accommodate in the cost audit report, but it requires lot of manual work to enter and reconcile them
Costing TB
Quantity Chart
Process Cost sheet
Abridged cost statements
Quantitative chart as per the cost audit para
Profitability statements
Profit reconciliation between Finance and Costing
NA
We have the template program for most of the ABAP Programs required for the Cost audit
In addition to that we have the complete understanding of the cost audit requirement and also the sample reports for different PARA of the cost audit report
All these we can leverage for the purpose of the cost audit report delivery + We understand the business process and requirement of the client and delivery the cost audit
4 weeks for understanding the business process
2 week for preparing the solution documents based on the understanding and sign off
8 weeks for Realization and Testing the solutions in the DEV and Quality system of SAP
2 week for moving the TR To Production system and some amount of sample posting in Production systems
4 week of Post go live support during the execution in the production system
Here the opportunity cost is more from the point of view of the crediability of the company in terms of the costing records and if the costing system is automated then definitely the brand value and crediability of company is very very high and it can be measured in terms of value of new investments , new business and growth opportunity.
4 months to complete the project in a timebound manner and 1 month of support : 2 Functional consultant and 2 ABAP Consultant for the entire works
M1 – Project start
M2 – Solution Document sign off
M3- UAT Sign off
M4 – Project Closure
NA
We spend crores in building the brand value in marketing campaign. But with just few lacs we can build the brand value with our customers, shareholders, board members, auditors and control in terms of correct cost of our product.

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