As stated in ASA 320; The auditor's determination of materiality is a matter of professional judgement, and
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Question:
As stated in ASA 320;
"The auditor's determination of materiality is a matter of professional judgement, and is affected by the auditor's perception of the financial information needs of users of the financial report."
(AUASB, 2015)
With reference to the statement above from ASA 320, define materiality and discuss how the "needs of users" will affect how materiality is determined.
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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