Period-End Cut-off Population
Every transaction falling inside the cut-off window around a reporting period's end — the set that needs to be traced to a dispatch note, delivery challan or completion record, as distinct from the whole year's transactions.
Related terms
- 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.
- Performance Materiality
An amount set below overall materiality, to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.
- Perpetual Inventory System
An inventory record that updates continuously as transactions occur, as distinct from a periodic system that only determines quantities at a physical count.
- Petty Cash
A small cash fund held for minor day-to-day expenses, reconciled and replenished periodically — a disproportionately common source of control weakness given the small amounts involved.
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