Group engagement partner means the partner or other person in the firm who is responsible for the group audit engagement and its performance, and for the auditor’s report on the group financial report that is issued on behalf of the firm. Where joint …

Group engagement team means partners, including the group engagement partner, and staff who establish the overall group audit strategy, communicate with component auditors, perform work on the consolidation process, and evaluate the conclusions drawn from …

Group financial report means a financial report that includes the financial information of more than one component. The term “group financial report” also refers to combined financial reports aggregating the financial information prepared by components …

Group management means management, or those charged with governance, responsible for the preparation of the group financial report. …

Group wide controls means controls designed, implemented and maintained by group management over group financial reporting. …

Significant component means a component identified by the group engagement team (i) that is of individual financial significance to the group, or (ii) that, due to its specific nature or circumstances, is likely to include significant risks of material …

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 …

Substantive procedure means an audit procedure designed to detect material misstatements at the assertion level.  Substantive procedures comprise: Tests of details (of classes of transactions, account balances, and disclosures); and Substantive analytical …