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  2. Materiality (auditing) - Wikipedia

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

    Materiality in governmental auditing is different from materiality in private sector auditing for several reasons. Most importantly, due to the format of state and local government financial statements under GAAP , the AICPA Audit Guide for State and Local Governments requires auditors to consider materiality by "opinion unit" rather than for ...

  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. Technique for human error-rate prediction - Wikipedia

    en.wikipedia.org/wiki/Technique_for_human_error...

    The degree to which each high-level task is broken down into lower-level tasks is dependent on the availability of HEPs for the successive individual branches. The HEPs may be derived from a range of sources such as the THERP database; simulation data; historical accident data, and expert judgment. PSFs should be incorporated into these HEP ...

  5. Audit risk - Wikipedia

    en.wikipedia.org/wiki/Audit_risk

    Audit risk (also referred to as residual risk) as per ISA 200 refers to the risk that the auditor expresses an inappropriate opinion when the financial statements are materiality misstated. This risk is composed of:

  6. Analytical procedures (finance auditing) - Wikipedia

    en.wikipedia.org/wiki/Analytical_procedures...

    Analytical procedures include comparison of financial information (data in financial statement) with prior periods, budgets, forecasts, similar industries and so on. It also includes consideration of predictable relationships, such as gross profit to sales, payroll costs to employees, and financial information and non-financial information, for examples the CEO's reports and the industry news.

  7. Sampling risk - Wikipedia

    en.wikipedia.org/wiki/Sampling_risk

    Although there are many types of risks associated with the audit process, each type primarily has an effect on the overall audit engagement. The effects produced by sampling risk generally can increase audit risk, the risk that an entity's financial statements will contain a material misstatement, though given an unqualified ('clean') audit report.

  8. List of AICPA Audit and Accounting Guides - Wikipedia

    en.wikipedia.org/wiki/List_of_AICPA_Audit_and...

    The list also includes titles from the earlier series: AICPA Accounting Guides and AICPA Industry Audit Guides. Links to full-text of the Guides are provided for many of the titles prior to 2000. The Comments column provides references to sections of Accounting Standards Codification (ASC) which complement or supersede a particular Audit and ...

  9. 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 ...