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2. Materiality (auditing) - Wikipedia

   en.wikipedia.org/wiki/Materiality_(auditing)

   Information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity. [7]

3. ISA 320 Audit Materiality - Wikipedia

   en.wikipedia.org/wiki/ISA_320_Audit_Materiality

   ISA 320 Audit Materiality is one of the International Standards on Auditing. It serves to expect the auditor is to establish an acceptable materiality level in design the audit plan . Materiality: The amount by which the Financial Statements must change in order to change the decisions made by users of the Financial Statements.

4. Accounting constraints - Wikipedia

   en.wikipedia.org/wiki/Accounting_constraints

   Materiality assessment need to be signed off by senior business manager; It is important to do the review which makes the process reliable; Advanced: Send the materiality assessment's outcomes to the board of directors; Include some social trends into outcomes, which can make the assessment into wider corporate strategy process;

5. Audit evidence - Wikipedia

   en.wikipedia.org/wiki/Audit_evidence

   This consists of sufficiency and appropriateness. Audit evidence is sufficient when there is an acceptable amount of evidence found. This changes based on the risk of material misstatement and the quality of evidence that was found. The higher the risk that the financial statements are materially misstated, the more evidence an auditor should ...

6. Management assertions - Wikipedia

   en.wikipedia.org/wiki/Management_assertions

   [3] [4] Financial statement assertions provide a framework to assess the risk of material misstatement in each significant account balance or class of transactions. [5] Both United States and International auditing standards include guidance related to financial statement assertions, although the specific assertions differ.

7. Statement on Auditing Standards No. 99: Consideration of Fraud

   en.wikipedia.org/wiki/Statement_on_Auditing...

   SAS 99 defines fraud as an intentional act that results in a material misstatement in financial statements. There are two types of fraud considered: misstatements arising from fraudulent financial reporting (e.g. falsification of accounting records) and misstatements arising from misappropriation of assets (e.g. theft of assets or fraudulent expenditures).