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.
Related terms
- 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.
- Cost Audit
An audit of a company's cost records, required for specified classes of companies engaged in regulated or strategic sectors, reported separately from the statutory financial audit.
- Cut-off Testing
Verifying that transactions are recorded in the period they actually occurred in, not an adjacent one — the classic question for revenue, purchases and inventory around a year end.
Browse every term
231 terms in total, or go deeper with working procedures and worked examples in the resource library.