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Key Facts: CMA Final Paper 17 Exam
100
Marks in the Paper
ICMAI Syllabus 2022
3 hours
Exam Duration
ICMAI Syllabus 2022
50%
Section A Cost Audit Weight
ICMAI Syllabus 2022
4 forms
CRA-1 to CRA-4
Cost Records and Audit Rules 2014
Section 148
Cost Audit Provision
Companies Act 2013
40% / 50%
Pass: Paper / Group Aggregate
ICMAI Examination Rules
CMA Final Paper 17 (Cost and Management Audit) under ICMAI Syllabus 2022 is a 100-mark, 3-hour Group IV paper. It is divided into Section A: Cost Audit (50%), Section B: Management Audit (20%), Section C: Internal Control, Internal Audit, Operational Audit and Other Related Issues (20%), and Section D: Forensic Audit and Anti-Money Laundering (10%). Cost audit topics centre on the Companies (Cost Records and Audit) Rules 2014, CRA-1 to CRA-4 forms, cost auditor appointment under Section 148, and Cost Accounting Standards. To pass, candidates need 40% in the paper and 50% aggregate in the group.
Sample CMA Final Paper 17 Practice Questions
Try these sample questions to test your CMA Final Paper 17 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1Under the Companies (Cost Records and Audit) Rules, 2014, which form is used by a cost auditor to submit the cost audit report to the Board of Directors of the company?
2Within how many days of receipt of the cost audit report from the cost auditor must a company furnish the report (Form CRA-4) to the Central Government under the Companies (Cost Records and Audit) Rules, 2014?
3The cost auditor of a company under Section 148 of the Companies Act, 2013 is appointed by:
4A cost auditor under Section 148 of the Companies Act, 2013 must be:
5Under the Companies (Cost Records and Audit) Rules, 2014, the particulars relating to the items of costs to be included in the cost records are prescribed in:
6Cost audit primarily aims to verify the cost accounting records and ensure adherence to the cost accounting plan. This concept is best described as:
7Companies engaged in the production of goods or provision of services in the regulated sectors and certain non-regulated sectors are required to maintain cost records if their overall turnover from all products and services during the immediately preceding financial year is:
8For companies in the NON-REGULATED sectors, cost audit is applicable if the overall annual turnover is Rs. 100 crore or more AND the aggregate turnover of the individual product(s) or service(s) for which cost records are required is:
9For companies in the REGULATED sectors, cost audit is applicable if the overall annual turnover is Rs. 50 crore or more and the aggregate turnover of the individual product(s) or service(s) for which cost records are required is:
10Which of the following is classified as a REGULATED sector under the Companies (Cost Records and Audit) Rules, 2014?
About the CMA Final Paper 17 Exam
CMA Final Paper 17, Cost and Management Audit (CMAD), is a Group IV paper under the ICMAI Syllabus 2022 covering cost audit and the Companies (Cost Records and Audit) Rules, management audit, internal control and operational audit, and forensic audit with anti-money laundering.
Assessment
Question count not published by the exam provider
Time Limit
3 hours
Passing Score
40% in the paper with 50% aggregate in the group, per ICMAI rules
Exam Fee
Covered within the ICMAI CMA Final group/examination fee; no standalone Paper 17 fee is published (The Institute of Cost Accountants of India (ICMAI))
CMA Final Paper 17 Exam Content Outline
Section A: Cost Audit
Basics of cost audit, Companies (Cost Records and Audit) Rules 2014, CRA-1 to CRA-4 forms, cost auditor appointment and duties under Section 148, overview of Cost Accounting Standards, cost statements and profit reconciliation.
Section B: Management Audit
Concept, scope and objectives of management audit, appraisal of functional areas, management audit questionnaire, corporate development audit, management reporting and performance evaluation.
Section C: Internal Control, Internal Audit, Operational Audit and Other Related Issues
Internal control and the COSO framework, internal audit under Section 138, operational and value-for-money audit, internal financial controls, audit committee and audit of service organisations.
Section D: Forensic Audit and Anti-Money Laundering
Introduction to forensic audit, fraud risk management, financial forensics and techniques, ethics and code of conduct, and anti-money laundering under PMLA, FATF and FIU-IND.
How to Pass the CMA Final Paper 17 Exam
What You Need to Know
- Passing score: 40% in the paper with 50% aggregate in the group, per ICMAI rules
- Assessment: Question count not published by the exam provider
- Time limit: 3 hours
- Exam fee: Covered within the ICMAI CMA Final group/examination fee; no standalone Paper 17 fee is published
Keys to Passing
- Work through all 100 available questions
- Review every answer and explanation
- Track weak areas and revisit them
- Use our AI tutor for tough concepts
CMA Final Paper 17 Study Tips from Top Performers
Frequently Asked Questions
What is CMA Final Paper 17 about?
Paper 17 of the ICMAI CMA Final, titled Cost and Management Audit (CMAD), is a Group IV paper under Syllabus 2022. It covers cost audit and the Companies (Cost Records and Audit) Rules, management audit, internal control and operational audit, and forensic audit with anti-money laundering.
How is CMA Final Paper 17 structured by sections?
Under Syllabus 2022, the paper is divided into Section A: Cost Audit (50%), Section B: Management Audit (20%), Section C: Internal Control, Internal Audit, Operational Audit and Other Related Issues (20%), and Section D: Forensic Audit and Anti-Money Laundering (10%).
Is CMA Final Paper 17 a multiple-choice exam?
No. ICMAI conducts Paper 17 as a 100-mark descriptive examination of 3 hours, which may include objective components. The Institute also publishes an official MCQ Bank, and practising MCQs is an effective way to build conceptual recall for the descriptive paper.
What is the passing requirement for CMA Final Paper 17?
Per ICMAI examination rules, a candidate must score at least 40% in an individual paper and 50% in the aggregate of the group. A score of 60% or more in a paper can earn an exemption in subsequent attempts of that group.
Which forms are central to the cost audit portion of Paper 17?
The Companies (Cost Records and Audit) Rules 2014 prescribe Form CRA-1 (particulars of cost records), CRA-2 (intimation of cost auditor appointment), CRA-3 (the cost audit report) and CRA-4 (filing the report with the Central Government in XBRL).
Who can be appointed as a cost auditor under Section 148?
Under Section 148 of the Companies Act 2013, only a Cost Accountant in practice who is a member of ICMAI can conduct the cost audit. The cost auditor is appointed by the Board of Directors, and the remuneration is ratified by the members.
Does Section D really cover anti-money laundering law?
Yes. Section D introduces forensic audit and anti-money laundering, including the Prevention of Money Laundering Act 2002 (PMLA), FATF international standards, the Financial Intelligence Unit-India, KYC and customer due diligence requirements.
How long should I study for CMA Final Paper 17?
Most candidates spend roughly 150 to 250 hours on Paper 17. Cost Audit (Section A) carries half the marks, so the largest share of study time should go to the Cost Records and Audit Rules and Cost Accounting Standards.