Shared Flashcard Set
Cards
Term
| persuasiveness of evidence |
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Definition
| the two determinants are appropriateness and sufficiency; the degree to which the auditor is convinced that the evidence supports the audit opinion |
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| appropriateness of evidence |
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| a measure of the quality of evidence; relevant and reliable in meeting audit objectives |
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| Factors to consider before accepting audit client |
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a measure of how willing the auditor is to accept that the financial statements may be materially misstated after the audit is completed |
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the risk that audit evidence for a segment will fail to detect misstatements exceeding tolerable misstatement |
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measures the auditor's assessment of likelihood that there are material misstatements in a segment before considering the effectiveness of internal control |
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| measures the auditor's assessment of whether misstatements exceeding a tolerable amount in a segment will be prevented or detected on a timely basis by the client's internal controls |
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| the materiality allocated to any given balance; used in audit planning |
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the actions, policies, and procedures that reflect the overall attitudes of top management, directors, and owners of an entity about internal control and its importance to the entity |
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