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A Significant Account Is One That Could Contain Material Misstatements

question 36

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A significant account is one that could contain material misstatements based upon their materiality and/or relationship to identified inherent and financial report risks.


Definitions:

Danger to Himself

A phrase often used to describe a situation where an individual poses a significant risk of self-harm or suicide.

Involuntarily Committed

The process of admitting an individual to a psychiatric facility against their will for assessment or treatment based on criteria of danger to themselves or others.

Mental Health Professional

A trained expert who offers services for the purpose of improving an individual's mental health or to treat mental illness.

Clear and Convincing Proof

Clear and Convincing Proof is a standard of evidence requiring a high level of certainty to establish the truthfulness of a fact in legal proceedings, above a preponderance of evidence but below beyond a reasonable doubt.

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