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Definitions B

Base financial information to Business risk



Base financial information  financial information that is used as the starting point for the application of pro forma adjustments by the responsible party. Base financial information is ordinarily historical in nature, however, it can also be prospective (for example a profit forecast). It may or may not have been previously audited or reviewed. Base financial information may also be referred to as unadjusted or source financial information.
Base year  a specific year or an average over multiple years against which an entity’s emissions are compared over time. 
Bring down comfort letter  a letter prepared and issued by the auditor subsequent to the issuance of the initial comfort letter, that updates and reaffirms the results of the specified procedures described in that comfort letter as at a certain date.
Business risk a risk resulting from significant conditions, events, circumstances, actions or inactions that could adversely affect an entity’s ability to achieve its objectives and execute its strategies, or from the setting of inappropriate objectives and strategies.