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 …

Reference to “ the applicable financial reporting framework ” means the financial reporting framework that applies to the group financial report.  Reference to “the consolidation process” includes:  The recognition, measurement, presentation, and …

Responsible party ―The party(ies) responsible for the underlying subject matter. (Ref: Para. A37 ) …

Risk of material misstatement ―The risk that the subject matter information is materially misstated prior to the engagement. …

Subject matter information ―The outcome of the measurement or evaluation of the underlying subject matter against the criteria, i.e., the information that results from applying the criteria to the underlying subject matter. (Ref: Para. A19 …