Compliance requirement(s) ―The  requirements established in law, regulations, other statutory requirements (e.g. ASIC Class Orders and Regulatory Guides and APRA Prudential Standards), contractual arrangements, ministerial directives, industry or …

Criteria ―The benchmark, framework or legislation used to evaluate whether the compliance requirements have been met.  The “applicable criteria” are the criteria used for the particular engagement.  ( Ref: Para.  23 , A13 , Appendix 1 …

Direct engagement on compliance ―A reasonable or limited assurance engagement in which the assurance practitioner evaluates whether the compliance requirements have been met.  The compliance outcome of the assurance practitioner’s evaluation (the subject …

Engaging party ―The party(ies) that engages the assurance practitioner to perform the assurance engagement. …

Entity ―The legal entity, economic entity, or the identifiable portion of a legal or economic entity, or combination of legal or other entities or portions of those entities (for example, a joint venture) to which the compliance requirements …

Evaluator ―The party(ies) who evaluates the underlying subject matter (compliance activities) against the criteria.  The evaluator possesses expertise in the underlying subject …

Firm ―A sole assurance practitioner, partnership or corporation or other entity of individual assurance practitioners.  “Firm” should be read as referring to its public sector equivalents where …

Intended users ―The individual(s) or organisation(s), or group(s) thereof that the assurance practitioner expects will use the assurance report. In some cases, there may be intended users other than those to whom the assurance report is …

Internal audit function ―A function of an entity that performs assurance and consulting activities designed to evaluate and improve the effectiveness of the entity’s governance, risk management and internal control …

Limited assurance engagement ―An assurance engagement in which the assurance practitioner reduces engagement risk to a level that is acceptable in the circumstances of the engagement, but where that risk is greater than for a reasonable assurance …