Other Matter Paragraph
A paragraph referring to a matter other than those presented in the financial statements, relevant to users' understanding of the audit, the auditor's responsibilities, or the report.
Related terms
- Net Realisable Value (NRV)
The estimated selling price of inventory in the ordinary course of business, less estimated costs of completion and sale — the ceiling against which cost is compared under Ind AS 2.
- Net Worth (Companies Act)
Defined under Section 2(57) as the aggregate of paid-up share capital and reserves created out of profit, less accumulated losses and write-back of depreciation — a threshold used across several Companies Act provisions.
- Payroll Fraud
Manipulation of the payroll process for personal gain — ghost employees, inflated hours, unauthorised rate changes — tested for through red-flag analytics rather than vouching alone.
- Peer Review (ICAI)
A review of a chartered accountant firm's attest function by another practising member, mandated by ICAI for firms conducting statutory audits of specified entities.
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231 terms in total, or go deeper with working procedures and worked examples in the resource library.