| TERM | DEFINITION |
|---|---|
| Resource rent |
Included under property income. Revenue receivable by the owner of a natural resource (the lessor or landlord) for putting the natural resource at the disposal of another institutional unit (a lessee or tenant) for use of the natural resource in production. There are two types of resource rent: rent on land and rent on subsoil resources (in the form of deposits of mineral or fossil fuels i.e. coal, oil or natural gas). In resource-rich countries, resource rent constitutes a significant source of government revenue. Irrespective of the fiscal regime and institutional setting to administer and manage natural resources, resource rent will be considered for scoring indicator PI-19, if they are fully covered by the main budget, otherwise they will be considered as extra-budgetary revenue (GFS Manual 2014, p107). |
| Response | When management provides comments on the auditors' recommendations and takes appropriate action to implement them where necessary. Internal audit validates if the response provided is appropriate i.e. “full” |
| Retroactive adjustments | Changes in payroll after the relevant changes in personnel status, or as a result of errors, that require supplementary compensation or clawback of payments that the employee is not entitled to. |
| Revenue arrears | Total amount, including interest and payment, which is overdue from revenue payers i.e. has not been paid to the revenue collecting entity or other authorized body by the statutory due date for payment. |
| Revenue obligations |
Four main areas: (vi) registration; (vii) timely filing of declarations; (viii) payment of liabilities on time; and (ix) complete and accurate reporting of information in declarations. |
| Rights | Extent to which payers are informed about the legal rights as well as review processes and procedures available to them to dispute an assessment resulting from an audit. |
| Sampling |
Used in situations where responsibilities are highly decentralized or cases involving large numbers of significant entities. Sampling techniques are usually suggested. If not, a statistically sound sampling methodology should be used. In any case, assessors should explain the reason for the use of sampling and justify the sampling approach they adopt. |
Glossary
