AutoSave OFF Home Insert Draw Arial [A v Paste Page Layout BI Uv FINANCIAL STATEMENTS MATERIALITY WORKSHEET BLANK - LAKESIDE COMPANY.xls - Compatibility Mode Tell me Formulas Data Review View 10 A A A a go Share Comments Wrap Text General Merge & Center $ % 9 Conditional Format Cell Formatting as Table Styles Insert Delete Format v Sort & Filter Find & Select Analyze Data J15 A B CD E 1 2 3 4 PPC Guide Organization: 5 Links 6 Completed by: 7 8 9 Para. 306.4 10 NPO-CX-2.1 11 12 13 14 15 16 17 18 19 20 21 22 23 24 . 306.8 25 26 27 28 29 30 Para. 306.16 Par. 306.43 H Index NPO-CX-2: Financial Statement Materiality Worksheet for Planning Purposes Statement of Financial Position Date: Date: Instructions: The purpose of this form is to determine and document the materiality amount that will be considered suitable for audit planning purposes. Review the guidance beginning at paragraph 306.4 before completing this form. NPO- CX-2.1 should be used to determine major programs' materiality for an audit of federal award programs. When determining nlanning materiality Use amounts from the financial statements to be audited or the trial balance from which those financial statements will be prepared. If not available, use annualized amounts from the most recent interim financial statements. For total support an revenue, use an annualized amount even if the audit period is shorter than a year. When current amounts are unavailable, significant audit adjustments are expected, use historical averages based on the past two or three years. (attach the calculation on a separate page) or, if considered reliable, the organization's annual budget. 3. Determine the computation based as the larger of adjusted total assets or adjusted total support and revenue. a. Adjust total assets by excluding interfund receivables, assets held on behalf of others, and any fixed assets not subject to depreciation. b. Adjust total support and revenue by excluding additions for assets not subject to depreciation (such as donated land recognized as support). Determine and document a planning materiality amount and the basis for that amount. Choose a benchmark that you think is most appropriate to the entity. Paragraphs 306.6 and 306.16 provide lists of factors to consider in selecting a benchmark. The following tables may be used as guidelines in calculating planning materiality. 5. Consider and document whether there are particular financial statement items for which a lower level of materiality should be used. 6. Consider and document the amount of misstatements that will be passed at the workpaper level. Trivial misstatements are discussed beginning at paragraph 308.43. NPO-CX-2 Ready J K L M N P Q R 125%