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.
Related terms
- 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.
- 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.
- 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.
- Control Risk
The risk that a misstatement could occur in an assertion and not be prevented, or detected and corrected, on a timely basis by the entity's internal control.
Browse every term
231 terms in total, or go deeper with working procedures and worked examples in the resource library.