There are certain steps to be followed for cost audit by every organization. The audit provides self assessment forms, cost allocation forms and cost analysis checklists to implement the effective process. This Audit may encourage the interest in quality improvement; it describes quality issues in monetary terms, which may be useful for future growth of the business. Cost audit may reduce waste of time, and delays, it not only increase customer satisfaction levels but also improve customer retention levels, this audit increases profits within sometime of its effective implementation.
Each Organization shall follow and implement the self assessment audit to achieve its objectives as provided below: