ISCA

CENTRE FOR AUDITING AND ASSURANCE


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Practical Guidance 3 – Materiality for Audit of Separate Financial Statements of Small Companies

Published on - Friday, August 6th, 2010

In designing the audit plan, the auditor establishes an acceptable materiality level so as to detect quantitatively material misstatements and to evaluate whether the financial statements are prepared, in all material respects, in accordance with applicable Financial Reporting Standards. This Practical Guidance aims to provide some practical considerations to auditors when establishing materiality during the planning phase of an audit.

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