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.
Related terms
- 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.
- 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.
- COSO Framework
A widely used internal control framework (Committee of Sponsoring Organizations of the Treadway Commission) describing five components of effective internal control, commonly used as the basis for IFC assessments in India.
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