Glossary — AuditPro Suite Manual

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Adjusted Trial Balance (Adjusted TB): The original imported TB plus every posted AJE. The basis on which the financial statements are built. Recomputes live every time an AJE is posted.
AJE — Adjusting Journal Entry: A correction the auditor proposes to fix a misstatement. Per ISA 450, four types: audit_adjustment, reclassification, management_override, passed_unrecorded.
Assertions: The implicit claims management makes through the FS: existence, completeness, accuracy, valuation, rights/obligations, classification, cut-off, presentation. Each procedure tests one or more.
Audit-evidence file: The complete internal record of an audit — workpapers, AJEs, evidence attachments, sign-offs, communications. Retained 7 years per ISA 230 + Oman OAAA. Never given to the client.
Auditor's Report: The signed deliverable. Per ISA 700, contains opinion, basis-for-opinion, KAM (if listed), management + auditor responsibilities, signature, date.

Balance sheet: Older name for SFP — Statement of Financial Position. Shows assets, liabilities, equity at a point in time.
Basis for opinion: The paragraph in the audit report that says the audit was conducted under ISAs and that sufficient evidence has been obtained.
CCL — Commercial Companies Law (Oman): Royal Decree 18/2019. Article 132 mandates 10% legal-reserve transfer until reserve = 1/3 of share capital.
CIT — Corporate Income Tax: Oman corporate tax. Standard rate 15%. Payable annually.
CMA — Capital Market Authority (Oman): Regulator for listed entities. Imposes additional disclosure + governance requirements above CCL.
CR — Commercial Registration (Oman): The 7-digit registration number every Oman company has, issued by MOCIIP. Required on the audit report.

Disclosure: Information presented in the FS or its notes. IFRS/IAS mandate ~120 specific disclosures across standards.
EOSB — End of Service Benefit: Mandatory gratuity payable to expat staff on termination, computed per Oman Labour Law Article 39 — 15 days basic salary per year for first 3 years, 30 days per year thereafter.
EQCR — Engagement Quality Control Reviewer: Independent partner (not on the engagement team) who performs the final review. Required for listed + high-risk engagements per ISA 220.
Engagement letter: The signed contract between auditor + client. Per ISA 210, must agree scope, fee, deliverables, responsibilities. Required before fieldwork.

Financial statements (FS): The four IFRS statements: SFP, SPL, SCF, SOCIE. Plus notes. Together: the FS pack.
Fieldwork: The middle stage of an audit — performing procedures, gathering evidence, ticking workpapers. Typically 60–70% of total audit hours.
FY — Financial Year: The 12-month accounting period. Common Oman: Jan–Dec, Apr–Mar.
GL — General Ledger: The complete record of every accounting entry the client has made during the year, organised by account. The trial balance is the closing-balance summary of the GL.
Going concern: The assumption that the entity will continue operating for at least 12 months from the report date. Per ISA 570, the auditor evaluates whether this assumption is appropriate.

IAS — International Accounting Standards: The older series of accounting standards (1, 2, 7, 12, 16, 19, 21, 24, 33, 36, 37, 38, 40, 41). Still in force; complemented by IFRS series.
IFRS — International Financial Reporting Standards: The newer series (1, 7, 9, 10, 13, 15, 16, 17). Together IFRS+IAS form the accounting framework Oman entities follow.
Internal control: Processes the entity uses to ensure reliable financial reporting. Per ISA 315, the auditor must understand and may decide to test these.
ISA — International Standards on Auditing: The audit rule book. Series 200–720. Cover audit objectives, evidence, sampling, opinions.
KAM — Key Audit Matters: Per ISA 701, the matters most significant in the auditor's professional judgement during the audit. Required for listed entities only. Typically 1–4 per audit.
Lead schedule: The summary table of accounts in a workpaper, pulled from the TB. Shows PY, CY, AJEs, final, variance%, materiality flag. Where the auditor anchors the workpaper.
Listed entity: An entity whose shares trade on a public exchange (e.g. MSX in Oman). Triggers EQCR + KAM + CMA disclosures.

Management override: Where management refuses an auditor's proposed AJE. Captured as AJE type. Auditor evaluates whether to qualify the opinion.
Materiality: The threshold below which a misstatement is considered immaterial. Per ISA 320: standard auto-calc is the lower of 1% of revenue, 0.5% of total assets, 5% of profit before tax, 1% of equity.
MOCIIP — Ministry of Commerce, Industry, and Investment Promotion (Oman): Issues CR; receives the annual return + audit report.
OAAA — Oman Accountants and Auditors Authority: The Oman regulator for the audit profession. Sets retention rules, registration, professional standards.
OMR — Omani Rial: Oman's currency. 3 decimal places (e.g. OMR 14.523). 1 OMR = 1000 baisa.
Opinion: The auditor's professional conclusion. Four types per ISA 705: unmodified (clean), qualified, adverse, disclaimer.

PASI — Public Authority for Social Insurance: Oman social-insurance agency. 11.5% employer + 7% employee on Omani salaries.
Performance materiality: Default 75% of overall materiality. Drives sample-size formulas. Lower performance materiality for high-risk engagements.
PPE — Property, Plant and Equipment: Tangible fixed assets per IAS 16. The E-100 workpaper area.
Procedure: One specific test the auditor performs — e.g. "Confirm 30 receivables > OMR 5,000". 79 procedures across 12 standard workpapers.
RD 121/2020 — Royal Decree on Oman VAT: Oman VAT law. 5% standard rate, effective 16 April 2021.
Reclassification: An AJE type. Moves an amount between accounts (e.g. LT loan → ST). Net effect on profit = 0.
Review point: A question or challenge raised by a reviewer on a workpaper. Must be cleared (preparer responds, reviewer marks cleared) before sign-off.

SCF — Statement of Cash Flows: One of the four FS, per IAS 7. Operating, Investing, Financing. Indirect method most common.
SFP — Statement of Financial Position: One of the four FS. Assets, liabilities, equity at year-end. Older name: balance sheet.
SHA-256: Cryptographic hash function used to verify integrity of archived audit-evidence files. Any tampering produces a different hash → mismatch detected.
Sign-off chain: The 5-stage approval ladder: Preparer → Reviewer → Manager → Partner → EQCR. Each stage unlocks only when the prior is signed. Workpaper locks after EQCR.
SOCIE — Statement of Changes in Equity: One of the four FS. Movement in share capital, reserves, retained earnings.
SPL — Statement of Profit or Loss: One of the four FS. Revenue, expenses, profit. Older name: P&L / income statement.
TB — Trial Balance: The complete list of GL accounts with closing balances. Imported from client. Σ Debits = Σ Credits. Foundation of every audit.
TCWG — Those Charged With Governance: The board of directors / audit committee. Per ISA 260, the auditor communicates planning + findings to TCWG.

Unmodified opinion: Clean opinion — FS give a true and fair view. ~90% of audits land here.
VAT — Value Added Tax: Oman 5% standard rate per RD 121/2020. Three categories: standard (5%), zero-rated (0%), exempt (no VAT).
Workpaper: A structured electronic file documenting the audit work for one specific area. AuditPro ships 12 standard workpapers (A-100 through L-100).
WPS — Wage Protection System: Oman MOLP-mandated system for monthly bank-uploaded SIF salary file.