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who conducted the assurance engagement on the general purpose water accounting report in the prior period and who has been replaced by the assurance practitioner for the …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 …

For the purposes of this Guidance Statement the following words and phrases have the meanings attributed below: …

Criteria - the benchmarks used to measure or evaluate the underlying subject matter. An applicable financial reporting framework is an example of …

Engagement risk - the risk of expressing inappropriate opinions and/or conclusions when the subject matter is materially misstated, including when the subject matter has material deficiencies or deviations or is materially …

Grant acquittal - a requirement of a funding agreement and is performed by the recipient of the funding (the responsible party). An acquittal can take a number of forms such as financial reports/statements, written reports, documentation of activities …

Mandate - the requirement, documented or otherwise, for an independent auditor to conduct an audit, other assurance engagement, agreed-upon procedures engagement or combination thereof. Mandates may be prescribed in legislation or regulation; or may be …

Prescribed procedures - procedures that are to be performed by the auditor in accordance with the prescribed requirements of a statutory authority, a contract or other applicable …

Prescribed report - the form and/or content of the auditor’s report is prescribed by a statutory authority, by the terms of a contract or by other applicable …