TOR Definition

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TOR; among many others; can mean Time of Receipt, Terms Of Reference, Time of Report, etc.

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LIQUIDITY RATIO see CASH RATIO.

NONSAMPLING RISK is audit risk not due to sampling. An auditor may apply a procedure to all transactions or balances and fail to detect a material misstatement. Nonsampling risk includes the possibility of selecting audit procedures that are not appropriate to achieve a specific objective. For example, confirming recorded receivables cannot reveal unrecorded receivables. Nonsampling risk can be reduced to a negligible level through adequate planning and supervision.

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