Answered: What is a just-in-time management…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 15RQSC

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What is a just-in-time management system?

Expert Solution

Step 1

Cost management system:

The system or unit of the entity which is responsible for management of various costs incurred during a particular period is referred to as the cost management system.

Step 2

Just-in-time management system:

Just-in-time (JIT) management system is an approach to manufacturing that eliminates and reduces the non-value-added activities and it concentrates on both product quality and efficiency.

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