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Compensating Control

A control that reduces the risk of an existing control weakness to an acceptable level, without eliminating the weakness itself.

Related terms

  • Chart of Accounts

    The structured list of every ledger account a company uses to classify its financial transactions, forming the backbone that the trial balance and financial statements are built from.

  • Common Control Entities

    Entities ultimately controlled by the same person or group, even where no direct shareholding link exists between them — a frequent source of undisclosed related-party relationships.

  • Componentization

    Depreciating significant parts of an asset separately when they have different useful lives — required under Schedule II of the Companies Act for assets with materially different component lives.

  • Composite Supply

    A supply of two or more goods or services naturally bundled and supplied together in the ordinary course of business, taxed at the rate applicable to the principal supply.

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231 terms in total, or go deeper with working procedures and worked examples in the resource library.

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