- 12 Marks
AA – May 2017 – L2 – Q3b – Planning and Approach for Audit and Assurance Engagements
Definition of materiality and how its level is assessed during audit planning.
Question
ISA 320 Materiality in Planning and Performing an Audit provides guidance on the concept of materiality in planning and performing an audit.
Required:
Define materiality and determine how the level of materiality is assessed.
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