Audit Opinion
The auditor's formal conclusion on whether the financial statements give a true and fair view, expressed as unmodified, qualified, adverse or a disclaimer.
Related terms
- Audit Committee
A board-level committee required under Section 177 for specified companies, responsible for oversight of financial reporting, the appointment and remuneration of auditors, and related party transactions.
- Audit Evidence
Information an auditor uses to support a conclusion — documents, confirmations, recomputation, observation. The standard of evidence is that it be sufficient and appropriate, not merely present.
- Audit Risk
The risk that the auditor expresses an inappropriate opinion when the financial statements are materially misstated — the product of the risk of material misstatement and detection risk.
- Audit Sampling
Selecting less than 100% of a population to test, and projecting the result to the whole. Distinct from full-population testing, where every transaction is tested and nothing is projected.
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