Premise , relating to the responsibilities of management and, where appropriate, those charged with governance, on which an audit is conducted means that management and, where appropriate, those charged with governance have acknowledged and understand …

Professional judgement means the application of relevant training, knowledge and experience, within the context provided by auditing, accounting and ethical standards, in making informed decisions about the courses of action that are appropriate in the …

Professional scepticism means an attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of audit …

Reasonable assurance means, in the context of an audit of a financial report, a high, but not absolute, level of assurance. …

Risk of material misstatement means the risk that the financial report is materially misstated prior to audit. This consists of two components, described as follows at the assertion level:  (Ref: Para A3) Inherent risk means the susceptibility of an …

Those charged with governance means the person(s) or organisation(s) (for example, a corporate trustee) with responsibility for overseeing the strategic direction of the entity and obligations related to the accountability of the entity. This includes …

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

Arm’s length transaction means a transaction conducted on such terms and conditions as between a willing buyer and a willing seller who are unrelated and are acting independently of each other and pursuing their own best interests. …

Related party means a party that is either:  (Ref: Para.  A4‑A7 )   A related party as defined in the applicable financial reporting framework * ; or Where the applicable financial reporting framework establishes minimal or no related party requirements: …

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