Rotation of Auditors
The Companies Act requirement that specified classes of companies rotate their statutory auditor (individual or firm) after a maximum tenure, to preserve independence.
Related terms
- Reverse Charge Mechanism (RCM)
A GST mechanism where the recipient of specified goods or services, rather than the supplier, is liable to pay the tax directly to the government.
- Risk Control Matrix (RCM)
A working document mapping identified risks to the controls meant to address them, the frequency of each control, and the evidence that it operated — not to be confused with the GST Reverse Charge Mechanism, which shares the same acronym.
- SA 200
The Standard setting out the overall objectives of an independent auditor and the nature of an audit conducted under the Standards on Auditing.
- SA 210
Governs the terms of an audit engagement — the basis for the engagement letter agreed with the client before work begins.
Browse every term
231 terms in total, or go deeper with working procedures and worked examples in the resource library.