Question
As stated in ASA 320; The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the
As stated in ASA 320;
"The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the financial information needs of users of the financial report."
(AUASB, 2015)
With reference to the statement above from ASA 320, define materiality and discuss how the "needs of users"will affect how materiality is determined.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
18th edition
1292162406, 978-1292162409
