RISK ASSESSMENT PROCEDURES Definition

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RISK ASSESSMENT PROCEDURES are the audit procedures performed to obtain an understanding of the entity and its environment, including the entity's internal control, to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and relevant assertion levels.

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AD HOC is being concerned with a particular end or purpose, e.g., a ad hoc committee established to handle a specific subject.

CD see CERTIFICATE OF DEPOSIT.

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