Audit Objectives: independent cost auditor's duties to obtain reasonable assurance and report under cost reporting frameworks. The Standard sets principles for independent cost auditors to obtain reasonable assurance that Cost Statements are free from material misstatement and to report in accordance with the applicable cost reporting framework and law. It requires compliance with CAAS and GACAAP, adherence to ethical requirements including independence where applicable, application of professional skepticism and judgment, assessment of audit risk components (inherent, control, detection), evaluation of the acceptability of the Cost Reporting Framework, and obtaining sufficient appropriate audit evidence; management retains responsibility for preparing Cost Statements.