Tolerable Misstatement

Related terms

• Three-Way Match

  Comparing a purchase order, the goods receipt and the supplier invoice against each other before a payment is approved, to confirm what was ordered, received and billed all agree.

• Time of Supply

  The point at which GST liability arises on a supply, generally the earlier of the invoice date or the date of payment.

• Trade Payables Ageing

  A breakdown of amounts owed to suppliers by how long they have been outstanding, used to assess liquidity risk and as a required disclosure under Schedule III of the Companies Act.

• Transfer Pricing Audit

  An examination of international and specified domestic transactions between associated enterprises, to confirm pricing is at arm's length as required under the Income Tax Act.