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2. Materiality (auditing) - Wikipedia

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

   This functionally decreases materiality for state and local government financial statements by an order of magnitude compared to materiality for private company financial statements. Due to the unique concept of materiality, the auditor's report expresses an opinion in relation to each opinion unit.

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. 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.

5. Accounting constraints - Wikipedia

   en.wikipedia.org/wiki/Accounting_constraints

   Industry Practices is a less dominant constraint compared to cost-benefit and materiality in financial reporting. [3] This constraints means in some industries, it is hard and costly to calculate the production costs and therefore companies in these particular industries choose to only report the current market prices instead of production ...

6. 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 ...

7. Statements on Auditing Standards (United States) - Wikipedia

   en.wikipedia.org/wiki/Statements_on_Auditing...

   SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole (issued February 2010); and; SAS No. 120, Required Supplementary Information (issued February 2010). SAS No. 122 also withdraws SAS No. 26, Association With Financial Statements, as amended. The AICPA is the source of the most up-to-date information.