Significant class of transactions, account balance or disclosure – A class of transactions, account balance or disclosure for which there is one or more relevant …

Significant risk – An identified risk of material misstatement: (Ref: Para. A10) For which the assessment of inherent risk is close to the upper end of the spectrum of inherent risk due to the degree to which inherent risk factors affect the combination …

System of internal control – The system designed, implemented and maintained by those charged with governance, management and other personnel, to provide reasonable assurance about the achievement of an entity’s objectives with regard to reliability of …

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

Audit documentation means the record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached (terms such as “working papers” or “workpapers” are also sometimes …

Audit file means one or more folders or other storage media, in physical or electronic form, containing the records that comprise the audit documentation for a specific …

Experienced auditor means an individual (whether internal or external to the firm) who has practical audit experience, and a reasonable understanding of: Audit processes; Australian Auditing Standards and applicable legal and regulatory requirements; The …

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

Fraud means an intentional act by one or more individuals among management, those charged with governance, employees, or third parties, involving the use of deception to obtain an unjust or illegal …

Fraud risk factors means events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit …