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The risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated.
The risk that a miss statement could occur in an assertion about a class of transaction, account balance, or disclosure and that could be material, either individually or when aggregated with other missed statements, will not be prevented, or detected and corrected, on a timely basis by the entity’s internal control.
The risk that the procedure is performed by the auditor to reduce audit risk to an acceptable low level will not detect a misstatement that exists and that could be material, either individually or when aggregated with other misstatements.
The susceptibility of an assertion about a class of transaction, account balance, or disclosure to a miss statement that could be material, either individually or when aggregated with other missed statements before consideration of any related controls.
A materiality level that the auditor uses in determining whether the financial statements overall are materially correct.
A materiality level that the auditor uses for determining significant accounts, significant locations, and audit procedures for those accounts and locations.
Immateriality level that signifies the miss statements identified throughout the audit that will be considered at the end of the audit in determining whether the financial statements overall are materially correct.
A statistical sampling method used to estimate the rate of control procedure failures based on selecting one sample and performing the appropriate audit procedure.
The application of an audit procedure to less than 100% of the items within an account balance or class of transactions for the purpose of evaluating some characteristic of the balance or class.
A broad construction referring to both qualitative and quantitative analysis tools that enable a decision maker to extract data, categorize it, identify patterns within it, and use it to enhance efficiency and effectiveness and decision-making.
The level of my statement that the auditor expects to detect, and it is based on projected misstatements in prior your audits, results of other substantive tests, professional judgment, and knowledge of changes in personnel in the accounting system.
An anticipation of the deviation rate in the entire population also referred to as the expected failure rate.
A nonstatistical sample selection method that attempts to approximate a random selection by selecting sampling units without any conscious bias, or special reason for including omitting certain items from the sample.
The risk that the auditor reaches an erroneous conclusion for any reason not related to sampling risk.
The risk that the auditor will conclude that the state of internal controls is affective when internal controls are actually not effective (also referred to as the risk of assessing control risk to low).
5 Accounts in the Revenue Cycle
Name 5 of the 9 steps of the sales process
5 controls over cash
5 Substantive Tests of Details for cash statements.
