Responsible party ―The party responsible for the performance of all or part of the activity, which is the subject matter of the performance …

Subject matter or underlying subject matter ―The activity which is evaluated or measured against the identified criteria. …

Variation ―An instance where the performance of the underlying subject matter exceeds the identified criteria or is deficient in whole or part, as evaluated against the identified …

For the purposes of this Auditing Standard, the following terms have the meanings attributed below: …

Aggregation risk – The probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial report as a whole. (Ref: Para. A19 …

Component – An entity, business unit, function or business activity, or some combination thereof, determined by the group auditor for purposes of planning and performing audit procedures in a group audit. (Ref: Para. A20 …

Component auditor – An auditor who performs audit work related to a component for purposes of the group audit. A component auditor is a part of the engagement team [10] for a group audit. (Ref: Para. A21–A23 …

Component management – Management responsible for a component. (Ref: Para. A24 ) …

Component performance materiality – An amount set by the group auditor to reduce aggregation risk to an appropriately low level for purposes of planning and performing audit procedures in relation to a …

Group – A reporting entity for which a group financial report is prepared. …