Cost Audit & Cost Management Services
Statutory cost audit and practical cost management for manufacturing and industrial businesses, so you know your true product cost, protect margins and meet regulatory cost-reporting requirements.
What is included
How we can help
01Statutory Cost Audit Services
- Conducting Cost Audit as per the directives of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) and regulatory bodies
- Preparation and certification of Cost Audit Reports and Cost Compliance Statements
- Verification of cost records, cost sheets, and cost accounting systems
- Ensuring compliance with Cost Accounting Standards (CAS)
- Coordination with management and statutory auditors during audit process
- Certification of cost data for submission to regulatory authorities (e.g., BSEC, RJSC, or relevant ministries)
02Cost Accounting System Design & Implementation
- Development of customized cost accounting systems
- Product-wise, department-wise, and process-wise cost tracking
- Design of cost ledgers, registers, and reconciliation mechanisms
- Integration of cost modules into ERP or accounting software
- Establishment of cost reporting formats and management dashboards
03Cost Control & Cost Reduction Advisory
- Identification of cost leakage and inefficiency areas
- Analysis of fixed, variable, and overhead costs
- Benchmarking of cost performance against industry standards
- Implementation of cost control tools and variance analysis
- Review of procurement, production, and administrative cost structures
- Cost optimization strategy development for profitability improvement
04Product Costing & Profitability Analysis
- Determination of accurate product or service cost
- Analysis of material, labor, and overhead absorption rates
- Calculation of contribution margin and break-even point
- Product line and customer profitability analysis
- Cost-volume-profit (CVP) and marginal costing studies
- Pricing strategy support based on cost and market parameters
05Inventory & Production Cost Audit
- Verification of raw materials, WIP, and finished goods valuation
- Audit of consumption records and wastage control
- Review of production efficiency and standard costing systems
- Inventory reconciliation with financial and physical records
- Recommendation for improved inventory management and control
06Budgeting & Variance Analysis
- Preparation of annual and departmental budgets
- Cost center and responsibility accounting setup
- Analysis of budget vs. actual variances
- Reporting of cost deviations and root cause identification
- Implementation of corrective action and cost control measures
07Cost Consultancy & Training
- Advisory on cost management best practices
- Training for finance and operations teams on cost control techniques
- Preparation of cost audit manuals and process documentation
- Support in cost certification for tender, pricing, or government requirements
08Industry-Specific Cost Audit
- Cost audit for Garments, Textiles, Power, Pharmaceuticals, Steel, and FMCG sectors
- Sectoral cost structure benchmarking and analysis
- Support in regulatory cost reporting (e.g., Energy Regulatory Commission, Ministry of Commerce)
Ready to strengthen your financial foundation?
Talk to our partners about accounting, tax, audit, HR or corporate matters. We will tailor an engagement to your needs.