audit universe

audit universe
The total potential scope of work within an auditor’s remit. *Audit planning involves the allocation of resources to individual *auditable units within an audit universe, normally on the basis of a combination of the following: (i) *materiality (ii) *risk assessment, (hi) a cyclical or rotational factor to ensure periodic coverage of every auditable unit, and (iv) requests from *auditees. The audit universe of a * multinational corporation, for example, may include the operational and financial activities of the individual overseas branches: An *internal audit function may determine the frequency of audit assignments at individual branches from a balanced assessment of the four factors listed above.

Auditor's dictionary. 2014.

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