CTHRepealedLegislation
ASA 320 - Materiality and Audit Adjustments - April 2006
Materiality in the Context of an AuditMateriality in the Context of an Audit
Start here
Get a plain-English read of Materiality in the Context of an Audit
Turn the raw legal text into a practical explanation grounded in ASA 320 - Materiality and Audit Adjustments - April 2006.
Materiality in the Context of an Audit
8 As identified in ASA 200 Objective and General Principles Governing an Audit of a Financial Report, the objective of an audit of a financial report is to enable the auditor to express an opinion whether the financial report is prepared, in all material respects, in accordance with an applicable financial reporting framework.
9 The auditor shall consider materiality when:
(a) determining the nature, timing and extent of audit procedures; and
(b) evaluating the effect of misstatements.