Materi­ality is an important concept in auditing. The point of an audit is to certify the financial state­ments as being free of material misstatement. A material misstatement is one which would affect the decisions of a user of those state­ments. This recent blog post at the VeraSage Institute, more known for their pioneering work in […]

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Materi­ality is a concept in auditing that attempts to set a dollar value guideline for the scope of evidence testing at the substantive level, analytical proce­dures, and to a lesser extent, controls testing. According to Krupo: “Materi­ality is the smallest misstatement of a company’s finances that would cause a person to change how they value […]

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