While judgements about materiality are made in light of surrounding circumstances, and are affected by both quantitative and qualitative factors, it should be noted, that decisions regarding materiality are not affected by the level of assurance, that is, …

Quantitative factors may involve: Applying a percentage to a chosen benchmark as a starting point in determining materiality. Factors that may affect the identification of an appropriate benchmark and percentage include: The elements of the general …

Qualitative factors may include: The types of water assets and water liabilities involved. The context in which the information in the general purpose water accounting report will be used (for example, for submission to a regulator or policy maker, or for …

Materiality may need to be revised as a result of a change in circumstances during the engagement (for example, unusually dry or wet climatic conditions that significantly impact water assets or water liabilities, disruption to operations resulting from …

The assurance practitioner uses professional judgement to determine the extent of the understanding and the nature, timing and extent of procedures to identify and assess risks of material misstatement that are required to obtain reasonable or limited …

The depth of the understanding that is required by the assurance practitioner is less than that possessed by the responsible party, and both the depth of the understanding and the nature, timing and extent of procedures to identify and assess risks of …

Obtaining an understanding and identifying and assessing risks of material misstatement is an iterative process. Procedures to obtain an understanding of the water report entity and its circumstances and to identify and assess risks of material …

Consideration of the water management strategy, if any, and associated economic, regulatory, physical and reputational risks, may assist the assurance practitioner to identify risks of material …

When the responsible party uses a management's expert because expertise in a field other than water accounting is needed to prepare the general purpose water accounting report, the risks of material misstatement may increase because this may  indicate …

Significant events that impact the information inc1uded in the general purpose water accounting report may include unexpected events such as damage to critical infrastructure or unseasonal flooding, or planned events, for example, as part of a maintenance …