Opening balances – account balances that exist at the beginning of the period. Opening balances are based upon the closing balances of the prior period and matters requiring disclosure that existed at the beginning of the period, such as contingencies and …

Performance materiality – the amount or amounts set by the assurance practitioner at less than materiality for the general purpose water accounting report to reduce to an appropriately low level the probability that the aggregate of uncorrected and …

Predecessor assurance practitioner – the assurance practitioner from a different firm who conducted the assurance engagement on the general purpose water accounting report in the prior period and who has been replaced by the assurance practitioner for the …

Professional judgement – the application of relevant training, knowledge and experience, within the context provided by assurance and ethical standards, in making informed decisions about the courses of action that are appropriate in the circumstances of …

Professional scepticism – an attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement, and a critical assessment of …

Re-performance – the assurance practitioner’s independent execution of procedures or controls that were originally performed by the responsible …

Reporting period – the period for which a water accounting report is prepared. …

Responsible party – those charged with governance or management, as appropriate, responsible for the preparation and presentation of the general purpose water accounting report. (Ref: Para. A11-A13 …

Special purpose water accounting report – a water accounting report tailored to the information needs of a user able to command this …

Subject matter information – the information that results from applying the criteria to the underlying subject matter. The subject matter information in an engagement conducted under this Standard is the general purpose water accounting …