Outstanding Cheque
A cheque the company has issued and recorded in its books, but which has not yet been presented to and cleared by the bank — a routine reconciling item between the cash book and the bank statement.
Related terms
- OpenID Connect (OIDC)
A modern, widely supported identity protocol built on top of OAuth 2.0, used by an application to verify who a user is against an identity provider such as Google Workspace, Microsoft Entra or Okta.
- 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.
- 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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252 terms in total, or go deeper with working procedures and worked examples in the resource library.