Loan Covenant
A condition attached to a borrowing that the borrower must comply with, breach of which can trigger default or accelerated repayment regardless of whether payments are current.
Related terms
- 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.
- Limited Review
A review of interim financial results, less in scope than a full audit, typically performed on a listed company's quarterly results.
- Management Representation Letter
A letter from management confirming, in writing, representations made to the auditor during the audit — required under SA 580, not a substitute for other evidence.
- Materiality
The threshold above which a misstatement could reasonably be expected to influence the economic decisions of someone relying on the financial statements. Set by the auditor at the planning stage.
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