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External Audit Exam #2

Terms in this set (6)

Reliability
Tells whether the type of evidence can be relied on to signal the true state of the assertion
Tickmark
notations made next to an item on a audit document
Risk of Material Misstatement
Risk that the relevant assertions related to account balances or disclosures contain misstatements that might be material to the financial statements. combination of inherent and control risk
Detection Risk
risk that the auditor will not detect a misstatement that might be material
Material Weakness
a deficiency in internal control where there is a reasonable possibility that a material misstatement will not be prevented, or detected and corrected, on time
Significant Deficiency
a deficiency in internal control that is less severe than a material weakness but important enough for attention
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