Standard Costing
A costing method using predetermined (standard) costs for materials, labour and overhead, with variances analysed between standard and actual.
Related terms
- Slow-Moving / Obsolete Inventory
Stock that has not moved for an extended period, or that is no longer saleable at its carrying value, usually requiring a provision down to net realisable value.
- SOC 1 Report
An independent assurance report on the controls at a service organization (such as a payroll processor) that a client has outsourced a process to, used by the auditor as evidence over that outsourced process.
- Statutory Audit
The audit a company is legally required to undergo under the Companies Act, resulting in an opinion filed with the regulator and shareholders — as distinct from an internal audit, which reports internally.
- Statutory Auditor vs. Internal Auditor
The statutory auditor is independent of the company and reports externally to shareholders on the financial statements; the internal auditor is typically engaged by (or employed within) the company and reports internally on operational and control matters.
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