Audit Committee
A board-level committee required under Section 177 for specified companies, responsible for oversight of financial reporting, the appointment and remuneration of auditors, and related party transactions.
Related terms
- Arm's Length Price
The price that would be charged in a comparable transaction between unrelated parties — the benchmark against which a related-party transaction's pricing is assessed.
- Asset Disposal
The derecognition of a fixed asset from the books, with any gain or loss computed as the difference between the net disposal proceeds and the asset's carrying amount.
- Audit Evidence
Information an auditor uses to support a conclusion — documents, confirmations, recomputation, observation. The standard of evidence is that it be sufficient and appropriate, not merely present.
- Audit Opinion
The auditor's formal conclusion on whether the financial statements give a true and fair view, expressed as unmodified, qualified, adverse or a disclaimer.
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