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ASA 320 - Materiality in Planning and Performing an Audit - October 2009
Materiality in the Context of an AuditMateriality in the Context of an Audit
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Materiality in the Context of an Audit
- Financial reporting frameworks often discuss the concept of materiality in the context of the preparation and presentation of a financial report. Although financial reporting frameworks may discuss materiality in different terms, they generally explain that:
- Misstatements, including omissions, are considered to be material if they, individually or in the aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report;