152 paragraphs found
Professional judgement about materiality is made in light of surrounding circumstances, but is not affected by the level of assurance. Materiality for a reasonable assurance engagement is the same as for a limited assurance engagement because materiality …
The identified criteria may discuss the concept of materiality in the context of the preparation and presentation of the assurance report and thereby provide a frame of reference for the assurance practitioner in considering materiality for the …
Variations in performance, including omissions, are considered to be material if they, individually or in combination, could reasonably be expected to influence relevant decisions of intended users taken on the basis of the assurance report. The assurance …
Materiality is considered in the context of qualitative factors and, when applicable, quantitative factors. The relative importance of qualitative factors and quantitative factors when considering materiality in a particular performance engagement is a …
Qualitative materiality factors may include such things as: the number of persons or entities affected by the subject matter. the interaction between, and relative importance of, various components of the activity when it is made up of multiple …
Quantitative materiality factors relate to the magnitude of variations relative to reported amounts for those aspects of the assurance report, if any, that are: expressed numerically; or otherwise related to numerical values (for example, the number of …
When quantitative factors are applicable, planning the performance engagement solely to detect individually material variations overlooks the fact that the combination of uncorrected and undetected individually immaterial variations may cause the …
Materiality relates to the information covered by the assurance report. Therefore, when the performance engagement covers some, but not all, aspects of the information communicated about an underlying subject matter, materiality is considered in relation …
Concluding on the materiality of the variations identified as a result of the procedures performed requires professional judgement. For example: the identified criteria for a value for money engagement for a hospital’s emergency department may include the …
Obtaining an understanding of the activity and other performance engagement circumstances is an essential part of planning and conducting a performance engagement. That understanding provides the assurance practitioner with a frame of reference for …