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Living in a material world

One of the more hotly debated areas of the clarified ISA s has been over the subject of materiality (ISA (UK&I) 320), including the newly named concept of performance materiality. For some firms, the outcome of the discussions only translates to relatively minor changes to what they do in practice. For others, it has meant greater change, including the opportunity to tackle audits more effectively.

More than 100 people attended the latest event in the faculty’s external lecture series, entitled ‘Effective Use of Materiality and Sampling’. The lecture tackled a number of key questions; of these, the main questions in relation to materiality are set out below.