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ASA 320 - Materiality in Planning and Performing an Audit - October 2009
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Scope of this Auditing Standard
- This Auditing Standard deals with the auditor’s responsibility to apply the concept of materiality in planning and performing an audit of a financial report. ASA 450[1] explains how materiality is applied in evaluating the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial report.