Materiality Considerations for Attestation Engagements

Materiality Considerations for Attestation Engagements

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.

Materiality Considerations for Subject Matters that Cannot be Quantitatively Measured

Materiality Considerations for Subject Matters that Cannot be Quantitatively Measured

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. 

Amendments to the Description of the Concept of Materiality

Amendments to the Description of the Concept of Materiality

The AICPA’s Auditing Standards Board issued an exposure draft of a proposed SAS and proposed SSAE titled Amendments to the Description of the Concept of Materiality. When effective, the proposed amendments would impact the description of when misstatements are...