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

  • Audit risk and internal control The board is responsible for determining and disclosing the company’s approach to risk, its risk appetite, setting its culture, and monitoring the outcome and controls in place for effective risk management.

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

  • Audit risk is a function of two main components being the risks of material misstatement and detection risk.

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

  • Audit risk is the probability that auditor will render an unqualified opinion on the financial statements that are, in fact, materially misstated.

  • Audit, risk and internal controlFinancial controlsThe Company has an established framework of internal financial controls.

  • Whilst there is a range of detailed responsibilities which might be assigned to the Audit Committee, it is not the task of an Audit Committee to substitute for the executive function in the management of Internal Audit, risk management, corporate governance, stewardship reporting, control and risk self-assessment, or any other review or assurance function.

  • The three lines of defence segregate duties between (1) units that enter into business transactions with customers or otherwise expose the Group to risk (risk ownership), (2) units in charge of risk oversight and challenge in respect of risk owners (risk oversight), and (3) Group Internal Audit (risk assurance).

  • As sentiments have improved with the economy stabilising, the office leasing market is more active and the pace of decline for office rents has eased in 2Q2009.

Related to Audit risk

  • Credit Risk means the risk of loss or of adverse change in the financial situation, resulting from fluctuations in the credit standing of issuers of securities, counterparties and any debtors to which insurance and reinsurance undertakings are exposed, in the form of counterparty default risk, or spread risk, or market risk concentrations;

  • Credit Risk Manager’s Fee With respect to any Distribution Date and each Mortgage Loan, an amount equal to the product of (a) one twelfth, (b) the Credit Risk Manager’s Fee Rate and (c) the Scheduled Principal Balance of such Mortgage Loan as of the first day of the related Collection Period. Credit Risk Manager’s Fee Rate: 0.015% per annum.

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

  • Credit Risk Manager The Murrayhill Company, a Colorado corporation.

  • 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;

  • Credit Risk Management Fee The amount payable to the Credit Risk Manager on each Distribution Date as compensation for all services rendered by it in the exercise and performance of any and all powers and duties of the Credit Risk Manager under the Credit Risk Management Agreements, which amount shall equal one twelfth of the product of (i) the Credit Risk Management Fee Rate multiplied by (ii) the Stated Principal Balance of the Mortgage Loans and any related REO Properties as of the first day of the related Due Period.

  • 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 (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act;

  • Rating Information means any information provided for the purpose of determining the initial credit rating for the Notes or undertaking credit rating surveillance on the Notes (as contemplated by paragraph (a)(3)(iii)(C) of Rule 17g-5).

  • 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;

  • Reconciliation Report refers to the Reconciliation Report as referenced in s. 1 of Reg 200/21 under Connecting Care Act, 2019.

  • Audit trail means all materials and documents required for the entire process of filling a prescription, which shall be suffi- cient to document or reconstruct the origin of the prescription, and authorization of subsequent modifications of that prescription.

  • market risk means the risk of loss for the individual portfolio resulting from a fluctuation in the market value of positions in the portfolio attributable to changes in market variables, such as interest rates, foreign exchange rates, equity and commodity prices, or an issuer's creditworthiness;

  • Credit Risk Manager Fee The fee payable to the Credit Risk Manager on each Distribution Date for its services as Credit Risk Manager, in an amount equal to one-twelfth of the Credit Risk Manager Fee Rate multiplied by the Stated Principal Balance of the Mortgage Loans immediately prior to such Distribution Date. Credit Risk Manager Fee Rate: 0.0165% per annum.

  • 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,

  • Portfolio Information means confidential and proprietary information of the Fund, the Adviser or the Sub-Adviser that is received by a party hereto in connection with this Agreement, and information with regard to the portfolio holdings, investment activity and characteristics of the Fund.

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

  • Safeguards Monitoring Report means each report prepared and submitted by the Borrower to ADB that describes progress with implementation of and compliance with the EMP and the RP (as applicable), including any corrective and preventative actions;

  • 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.

  • Physical Conditions Report means, with respect to the Property, a report prepared by a company satisfactory to Lender regarding the physical condition of the Property, satisfactory in form and substance to Lender in its sole discretion, which report shall, among other things, (a) confirm that the Property and its use complies, in all material respects, with all applicable Legal Requirements (including, without limitation, zoning, subdivision and building laws) and (b) include a copy of a final certificate of occupancy with respect to all Improvements on the Property.

  • 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.