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.
Related terms
- 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.
- 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.
- 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.
- Control Environment
The overall tone an organisation sets about the importance of internal control — management's attitude, integrity and competence — the foundation COSO places under every other control component.
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