31386 paragraphs found
Control or internal control―The process designed, implemented and maintained by those charged with governance, management and other personnel to mitigate the risks which may prevent achievement of control objectives relating to the entity’s system. …
Criteria―The benchmarks used to measure or evaluate the underlying subject matter. The “applicable criteria” are the criteria used for the particular …
Description of the system―A document prepared by the responsible party and provided to users, if included in the scope of the engagement, describing the entity’s system, within which the controls to be concluded upon operate, including identification of: …
Deficiency in design of controls―An inadequacy or omission in the design of a control/s that, in the assurance practitioner’s professional judgement, means the control/s is not designed suitably to mitigate the risks that threaten achievement of the …
Deficiency in implementation of controls―Instances where a control was not implemented as designed that, in the assurance practitioner’s professional judgement, mean the control/s, once in operation, may not operate effectively as designed to achieve the …
Deviation in operating effectiveness of controls―Instances where a control was not operating as designed. …
ASA 450 defines a misstatement as a difference between the reported amount, classification, presentation, or disclosure of a financial statement item and the amount, classification, presentation, or disclosure that is required for the item to be in …
In relation to the appropriateness of the accounting policies management has selected, material misstatements of the financial report may arise, for example, when: The selected accounting policies are not consistent with the applicable financial reporting …