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.
Related terms
- 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.
- Tolerable Misstatement
The maximum misstatement in a population that the auditor is willing to accept, used to determine sample size and evaluate sample results.
- 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.
- Trial Balance
A listing of every ledger account and its closing balance, which should sum to zero (total debits equal total credits) and tie to the financial statements before any audit work begins on top of it.
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