Audit risk definition

Audit risk means the risk that the auditor gives an inappropriate audit opinion when the financial statements are materially misstated. Audit risk has three components: inherent risk, control risk and detection risk.
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Audit risk means the risk that the auditing organisation issues an incorrect audit opinion or reaches an incorrect conclusion concerning the audited provider’s compliance with an audited obligation or commitment, considering detection risks, inherent risks and control risks with respect to that audited obligation or commitment;
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Examples of Audit risk in a sentence

  • Audit risk of noncompliance is a function of the risks of material noncompliance and detection risk of noncompliance.

  • Audit risk of noncompliance is defined in AICPA, Professional Standards, vol.

  • Audit risk is a function of the risks of material misstatement and detection risk.

  • Audit risk – The risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated.

  • Audit risk of noncompliance is defined in Statement on Auditing Standards No. 117, Compliance Audits (AICPA, Professional Standards, vol.

  • Audit risk is the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated.

  • Audit risk has three components: inherent risk, control risk and detection risk.

  • Audit risk is a function of the risk of material misstatement of the financial statements (or simply, the “risk of material misstatement”) (i.e., the risk that the financial statements are materially misstated prior to audit) and the risk that the auditor will not detect such misstatement (“detection risk”).

  • Audit risk is a function of the risks of material misstatement and detection risk.8 Detection risk in a group audit includes the risk that a component auditor may not detect a misstatement in the financial information of a component that could cause a material misstatement of the group financial statements, and that the group auditor may not detect this misstatement.

  • Audit risk is the risk that the auditors might provide a report that is inappropriate in the circumstances of audit.

Related to Audit risk

  • non-audit services means services other than audit services;

  • audit services means the professional services rendered by the Corporation’s external auditor for the audit and review of the Corporation’s financial statements or services that are normally provided by the external auditor in connection with statutory and regulatory filings or engagements;

  • Benchmarking Information means information generated by Portfolio Manager, as herein defined including descriptive information about the physical building and its operational characteristics.

  • cost accountant means a cost accountant as defined in clause (c) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959;

  • Valuation Report means the valuation report or reports for mortgage purposes, in the form of the pro-forma contained in the Standard Documentation, obtained by the Seller from a Valuer in respect of each Mortgaged Property or a valuation report in respect of a valuation made using a methodology which would be acceptable to a reasonable prudent mortgage lender;

  • Auditing Services means those services within the scope of the practice of a certified public accounting firm licensed under Chapter 473 of the Florida Statutes, and qualified to conduct audits in accordance with government auditing standards as adopted by the Florida Board of Accountancy.

  • Comprehensive resource analysis means an analysis including,

  • Financial Monitoring Report or “FMR” means each report prepared in accordance with Section 4.02 of this Agreement;

  • Audit Report means a report summarising the testing completed and the actions arising following an Audit;

  • Audit means the examination of a person or the inspection of the books, records, memoranda, or accounts of a person, ordered to appear before the Tax Administrator, for the purpose of determining liability for a municipal income tax.

  • Maintenance and Operations Revenue or “M&O Revenue” means (i) those revenues which the District receives from the levy of its annual ad valorem maintenance and operations tax pursuant to Section 45.002 of the TEXAS EDUCATION CODE, or other lawful authority, and Article VII § 3 of the TEXAS CONSTITUTION, plus (ii) all State revenues to which the District is or may be entitled under the applicable provisions of the TEXAS EDUCATION CODE or any other statutory provision as well as any amendment or successor statute to these provisions, as applicable, less

  • Inspection Report means the report delivered by the Master Servicer or the Special Servicer, as the case may be, substantially in the form of Exhibit L hereto.

  • Personally Identifiable Financial Information means any information a consumer provides to a party in order to obtain a financial product or service, any information a party otherwise obtains about a consumer in connection with providing a financial product or service to that consumer, and any information about a consumer resulting from any transaction involving a financial product or service between a party and a consumer. Personally Identifiable Financial Information may include, without limitation, a consumer’s first and last name, physical address, zip code, e-mail address, phone number, Social Security number, birth date, account number and any information that identifies, or when tied to the above information may identify, a consumer.

  • Verification Report As defined in Section 4.19.

  • Electronic and Information Resources Accessibility Standards means the accessibility standards for electronic and information resources contained in Title 1 Texas Administrative Code Chapter 213.

  • Electronic Subcontracting Reporting System (eSRS) means the Governmentwide, electronic, web-based system for small business subcontracting program reporting. The eSRS is located at http://www.esrs.gov.