Consignment Stock
Goods held by one party (the consignee) but still owned by another (the consignor) until sold — a frequent source of inventory cut-off and ownership errors.
Related terms
- Composition Scheme
A simplified GST scheme for small taxpayers below a specified turnover threshold, paying tax at a fixed, lower rate on turnover and generally unable to claim input tax credit.
- Computer-Assisted Audit Techniques (CAAT)
Software-based techniques used to extract, analyse and test data directly from a client's systems, rather than relying solely on manual inspection.
- Continuous Auditing
Performing audit procedures on an ongoing basis throughout the period rather than only at year end, enabled by systems that make data available in near real time.
- Contractor vs. Employee Classification
The distinction between a genuine independent contractor and a worker who is, in substance, an employee — carrying real consequences for PF, ESI, gratuity and labour-law compliance regardless of the label used in a contract.
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