Whistleblower Mechanism
A formal channel allowing employees and others to report suspected fraud or misconduct, required for specified classes of companies and audit committees under the Companies Act.
Related terms
- Walkthrough (Control Walkthrough)
Tracing one transaction through a process end to end, confirming at each step that the control the client describes actually happens the way they describe it.
- Weighted Average Cost (WAC)
An inventory costing method that averages the cost of all units available for sale during a period, rather than tracking specific batches.
- Work-in-Progress (WIP) Valuation
Valuing partially completed production — raw material, labour and overhead incurred so far — a judgment-heavy area in any manufacturing audit.
- Working Paper
The document that records the procedure performed, the evidence examined, and the conclusion reached — the primary record of audit work, reviewed and signed off before the file closes.
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