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 …

Pervasive – A term used, in the context of misstatements, to describe the effects on the financial report of misstatements or the possible effects on the financial report of misstatements, if any, that are undetected due to an inability to obtain …

Modified opinion – A qualified opinion, an adverse opinion or a disclaimer of opinion on the financial report. …

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 …

Test of controls means an audit procedure designed to evaluate the operating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion …

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 …