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Definitions O

Objective of a performance engagement to Overall audit strategy

Term

Definition

Objective of a performance engagement  to evaluate the performance of an activity or activities, with respect to economy, efficiency and/or effectiveness against the identified criteria. 
Observation looking at a process or procedure being performed by others, for example, the auditor’s observation of inventory counting by the entity’s personnel, or of the performance of control activities.
Offering 

the making available of an entity’s equity or debt securities to parties (who may be in overseas jurisdictions) ordinarily through:

(i) the sale of securities to the public under a prospectus;

(ii) foreign offerings;

(iii) an exempt transaction or offering (for example, a private placement of equity or debt securities to a limited number of investors, or an offering of debt securities issued or backed by public sector entities); 

(iv) certain securities transactions covered by specific laws or regulations (for example, exchange of shares in merger transactions); or

(v) acquisition transactions in which there is an exchange of equity.

Opening balances those account balances that exist at the beginning of the period.  Opening balances are based upon the closing balances of the prior period and reflect the effects of transactions and events of prior periods and accounting policies applied in the prior period.  Opening balances also include matters requiring disclosure that existed at the beginning of the period, such as contingencies and commitments.
Opening balances (in the context of ASAE 3610)  account balances that exist at the beginning of the period. Opening balances are based upon the closing balances of the prior period and matters requiring disclosure that existed at the beginning of the period, such as contingencies and commitments.
Organisational boundary  the boundary that determines which operations to include in the entity’s GHG statement.
Other financial information historical financial information and information other than historical financial information (for example prospective financial information)
Other information financial or non-financial information (other than the financial report and the auditor’s report thereon) included in the entity’s annual report.
Other information (in the context of ASAE 3000) information (other than the subject matter information and the assurance report thereon) which is included, either by law, regulation or custom, in a document containing the subject matter information and the assurance report thereon.
Other Matter paragraph a paragraph included in the auditor’s report that refers to a matter other than those presented or disclosed in the financial report that, in the auditor’s judgement, is relevant to users’ understanding of the audit, the auditor’s responsibilities or the auditor’s report.
Outcome of an accounting estimate the actual monetary amount which results from the resolution of the underlying transaction(s), event(s) or condition(s) addressed by the accounting estimate.
Overall audit strategy explicit or implicit assertions by the responsible party with respect to the subject matter, that in an assurance engagement on controls, represent the broad objectives or purpose of the controls, in the context of the control component and system included in the scope of the engagement.