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<h1>Cost Audit Standard CAAS 101: Key Requirements for Planning and Executing an Effective Cost Audit Strategy</h1> The Cost Audit and Assurance Standard (CAAS 101) outlines the requirements for planning an audit of cost statements. It emphasizes the importance of developing an audit strategy and plan to ensure effective audit execution. The standard defines key terms such as audit risk, audit strategy, and cost audit, and outlines the responsibilities of the cost auditor, including ensuring independence, understanding the audit scope, and documenting the audit strategy and plan. It also provides guidance on factors influencing audit planning, such as industry-specific requirements, reliance on other auditors, and resource allocation, with planning being a continuous process throughout the audit.