News in the LEAF Audit Quality Division.
Materiality In planning the audit, the auditor makes judgments about misstatements that will be considered material. Misstatements, including omissions, are considered to be material if they, individually or in the aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. Generally, auditors place focus on quantitative materiality considerations and tend to forget qualitative disclosures that could also be indicative of a misstatement being material by nature. It is important to consider and document all relevant aspects when determining the materiality levels and material qualitative disclosures relevant to [...]