FRA Materiality in Practice

Presentation guidance

1. introduction
2. Materiality
3. Conclusion Substitute-title

Introduction

Our case “ Materiality in practice” is based on A.U.S. 312 ” Audit risk and materiality in conducting an audit” which is an updated version for SAS. No. 47

Audit risk and materiality affect the applications of GASS and they are reflected on auditor’s standard report. They need to be considered together in designing the nature, timing and extent of audit procedures and in evaluating results of those procedures.

Materiality judgments are made in light of surrounding circumstances and necessarily involve both quantitative and qualitative considerations