Leave Encashment
Payment made to an employee for unused earned leave, either on separation or periodically — like gratuity, typically provided for on an actuarial basis for larger employers.
Related terms
- Key Audit Matters (KAM)
Matters that, in the auditor's professional judgment, were of most significance in the audit of the current period's financial statements, communicated under SA 701.
- Key Control
A control that, if it failed, would be unlikely to be detected by another control in time to prevent a material error — the controls an IFC testing plan should prioritise.
- Letter of Credit
A bank's conditional undertaking to pay a seller on a buyer's behalf once specified documents are presented, commonly used in import/export trade.
- Letter of Undertaking (LUT)
A document filed by an exporter to supply goods or services without payment of integrated tax, as an alternative to paying IGST and claiming a refund.
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231 terms in total, or go deeper with working procedures and worked examples in the resource library.