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.
Related terms
- 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.
- 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.
- Data Analytics in Audit
Using analysis of large datasets — often the full population rather than a sample — to identify patterns, outliers and anomalies that direct audit attention.
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