The AICPA has issued nonauthoritative guidance from its Materiality Working Group of ASEC designed to assist practitioners in determining when there is a material misstatement in an attest engagement. As many attestation engagement include subject matter that are not quantifiable, the guidance provides examples of how to insure compliance with the attest standards and truly evaluate findings in a variety of subject matter.
The AICPA has issued an Invitation to Comment to provide feedback on a project related to materiality in attestation engagements that have non-quantitative subject matter. The ITC addresses the challenges faced by practitioners but also provides examples and guidance on ways to use materiality in these types of engagements. Comments are due October 31, 2019.