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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OWN WORK CAPITALIZED represents the value of work performed for own purposes and capitalized as part of fixed assets.

TREASURY is, dependent upon usage, a. the funds of a government or institution or individual; b. the government department responsible for collecting and managing and spending public revenues; or, c. a depository (a room or building) where wealth and precious objects can be kept safely.

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