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.
Related terms
- 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.
- 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.
- Corporate Social Responsibility (CSR) Spending
The mandatory CSR expenditure required under Section 135 for companies meeting specified net worth, turnover or profit thresholds, with unspent amounts subject to specific transfer and disclosure requirements.
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