Transcription of Materiality in Planning and Performing an Audit - …
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Materiality in Planning and Performing an Audit - …
Materiality in Planning and Performing an Audit347AU-C Section 320 Materiality in Planning and Performingan AuditSource: SAS No. 122; SAS No. 134; SAS No. for audits of financial statements for periods ending on orafter December 15, 2012, unless otherwise of This section addresses the auditor's responsibility to apply the conceptof Materiality in Planning and Performing an Audit of financial statements. Sec-tion 450,Evaluation of Misstatements Identified During the Audit , explains howmateriality is applied in evaluating the effect of identified misstatements onthe Audit and the effect of uncorrected misstatements, if any, on the in the Context of an reporting frameworks often discuss the concept of materi-ality in the context of the preparation and fair presentation of financial state-ments. Although financial reporting frameworks may discuss Materiality in dif-ferent terms, they generally explain that misstatements, including omissions, are considered to be materialif there is a substantial likelihood that, individually or in the ag-gregate, they would influence the judgment made by a reasonableuser based on the financial statements.
328 Risk Assessment and Response to Assessed Risks Application and Other Explanatory Material Materiality in the Context of an Audit Materiality and Audit Risk …
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