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Auditing Summary: Materiality R50,00
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  3. University Of KwaZulu-Natal (UKZN)
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  5. Auditing (AUDT300)

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Auditing Summary: Materiality

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Detailed easy to understand auditing summary regarding materiality. Includes theory, calculation, examples and past paper questions.

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  • No
  • Chapter 6 & 7
  • August 2, 2021
  • 13
  • 2021/2022
  • Summary

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1


AUDITING SUMMARY
PART 3



TOPICS COVERED
1. MATERIALITY




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, 2


Materiality


Materiality at the planning and evaluating stage


 Materiality in planning and performing the audit ISA 320
◦ Setting a materiality level to assist in the planning and performance of the
audit
◦ Misstatements or omissions that influence economic decisions is material
◦ Judgements on materiality must:
 Consider the circumstances and the size and nature of the
misstatement
 Consider the common financial information needs of users
◦ Evaluation of misstatements identified during the audit ISA 450


Nature of materiality


 Subjective and relative
 Not absolute
 Both quantitative and qualitative


Materiality at the planning stage


 Setting planning materiality levels
◦ Using planning materiality in a general way help to develop audit strategy
and the audit plan
 Setting planning materiality
◦ Influence the nature, timing and extent of audit procedures
 Planning of qualitative misstatement
◦ Inadequate or improper descriptions of accounting policies
◦ Litigation with the client
◦ Failure to disclose possible cancelation of a manufacturing licence
 Quantifying planning materiality
◦ Use of benchmarks
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