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Definitions U

Unadjusted financial information to User entity (in the context of ASA 402)



Unadjusted financial information  financial information of the entity to which pro forma adjustments are applied by the responsible party.
Uncertainty a matter whose outcome depends on future actions or events not under the direct control of the entity but that may affect the financial report.
Uncorrected misstatements misstatements that the auditor has accumulated during the audit and that have not been corrected.
Underlying subject matter  the phenomenon that is measured or evaluated by applying criteria. 
Underlying subject matter (in the context of ASAE 3610)  the subject matter that is measured or evaluated by applying criteria. In an engagement conducted under this Standard the underlying subject matter is the water assets, water liabilities, changes in water assets and water liabilities, and water flows of a water report entity.
Underwriter  any person or their agent who has purchased, or intends to purchase securities from an issuer with a view to, or offers or sells for an issuer in connection with, the distribution of any security, or participates or has a direct or indirect participation in any such undertaking. This ASRS also uses the term underwriter to refer to the managing or lead underwriter who ordinarily negotiates the underwriting agreement on behalf of a group of underwriters whose exact composition is not determined until shortly before an offering document becomes effective. The underwriters may or may not be named in the offering document, and are commonly the requesting parties.
Underwriting agreement  a formal agreement between the underwriter(s) and the responsible party of the entity with respect to the entity’s offering document. It may specify the form and content of the comfort letter to be requested of the auditor, or that the form and content is to be specified by the requesting parties at a later time. The auditor is not a party to the underwriting agreement.
Unmodified opinion the opinion expressed by the auditor when the auditor concludes that the financial report is prepared, in all material respects, in accordance with the applicable financial reporting framework.
User auditor (in the context of ASA 402)  an auditor who audits and reports on the financial report of a user entity reports of a user entity.
User auditor (in the context of ASAE 3402)  an auditor who audits and reports on the financial report/statements of a user entity.
User entity  an entity that uses a service organisation.
User entity (in the context of ASA 402)  an entity that uses a service organisation and whose financial report is being audited.