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Definitions W

Walk-through test to Written representation



Walk-through test tracing a selected number of transactions through the financial reporting system.
Water  the liquid that descends from clouds as rain and forms streams, lakes, groundwater aquifers and seas. Water is a chemical compound comprising two atoms of hydrogen and one atom of oxygen. Water may exist in solid, liquid or gaseous form.
Water accounting report  either a general purpose water accounting report or a special purpose water accounting report.
Water accounting statements  comprise the statement of water assets and water liabilities, the statement of changes in water assets and water liabilities, and the statement of water flows.
Water asset  water, or the rights or other claims to water, which the water report entity holds or transfers, and from which the water report entity, or stakeholders of the water report entity, derive future benefits.
Water entity 

an entity that:

(i) Holds or transfers water, or

(ii) Holds or transfers rights or other direct or indirect claims to water, or

(iii) Has inflows and/or outflows of water.

Water liability  a present obligation of the water report entity, the discharge of which is expected to result in a decrease in the water report entity’s water assets or an increase in another water liability.
Water report entity  a water entity in respect of which it is reasonable to expect the existence of users who depend on general purpose water accounting reports for information about water, or rights or other claims to water, which will be useful to them for making and evaluating decisions about the allocation of resources.
Written representation  a written statement by management provided to the auditor to confirm certain matters or to support other audit evidence. Written representations in this context do not include the financial report, the assertions therein, or supporting books and records.