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Wiley Practitioner's Guide to GAAS 2023, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

by Joanne M. Flood
April 2023
Intermediate to advanced content levelIntermediate to advanced
1056 pages
34h 59m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

11AU-C 320 Materiality in Planning and Performing an Audit

SCOPE

While AU-C 450 contains guidance on how to use materiality when evaluating the effect of identified misstatements, AU-C 320 offers auditors guidance in using materiality when planning and performing the audit. (AU-C 320-01)

DEFINITION OF TERM

Source: AU-C 320.09. For the definition related to this standard, see Appendix A, “Definitions of Terms”: Performance materiality.

OBJECTIVES OF AU-C 320

The objective of the auditor is to apply the concept of materiality appropriately in planning and performing the audit.

(AU-C Section 320.08)

OVERVIEW

The concept of materiality recognizes that some matters are more important for the fair presentation of the financial statements than others. In performing the audit, the auditor is concerned with matters that, individually or in the aggregate, could be material to the financial statements.

The auditor's responsibility ...

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Publisher Resources

ISBN: 9781394152704Purchase Link