Word of the Day – May 29, 2019
risk of material misstatement
Acronyms
- None
Preferred Term
- None
Non-standard Terms
- None
Definitions
| Type | Definition | Sources |
|---|---|---|
| Noun | The risk that the financial statements are materially misstated prior to audit. (used 0 times in citations and controls) |
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| Noun | The auditor ’s combined assessment of inherent risk and the control risk. (used 0 times in citations and controls) |
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| Noun | The risk that the subject matter is not in accordance with (or based on) the criteria in all material respects or that the assertion is not fairly stated, in all material respects. (used 26 times in citations and controls) | |
| Noun | The risk that the description of the service organization's system that was implemented and operated is not presented in accordance with the description criteria or that controls were not suitably designed or operating effectively to provide reasonable assurance that the service organization's service commitments and system requirements would be achieved. (used 72 times in citations and controls) |
Other Forms
| Type | Other Form |
|---|---|
| Plural | risk of material misstatements |
| Plural | risks of material misstatement |
| Plural | risks of material misstatement |
| Plural Possessive | risk of material misstatements' |
| Plural Possessive | risks of material misstatements' |
| Possessive | risk of material misstatement's |
Relationships
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Citations
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