Inherent risk factors – Characteristics of events or conditions that affect susceptibility to misstatement, whether due to fraud or error, of an assertion about a class of transactions, account balance or disclosure, before consideration of controls. Such …

IT environment – The IT applications and supporting IT infrastructure, as well as the IT processes and personnel involved in those processes, that an entity uses to support business operations and achieve business strategies. For the purposes of this ASA: …

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

Component means an entity or business activity for which group or component management prepares financial information that should be included in the group financial report. (Ref: Para. …

Component auditor means an auditor who, at the request of the group engagement team, performs work on financial information related to a component for the group audit. (Ref: Para. …

Component management means management, or those charged with governance, responsible for the preparation of the financial information of a …

Component materiality means the materiality for a component determined by the group engagement team. …

Group means all the components whose financial information is included in the group financial report. A group always has more than one …

Group audit means the audit of a group financial report. …

Group audit opinion means the audit opinion on the group financial report. …