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The term material is of critical importance in the auditing context (Porter et al., 2014, p.73). Materiality levels are more secret than the Coca Cola formula (Mock et al., 2009, p.4). Discuss these abstracts in the context of academic r - Assignment Example

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Materiality refers to the omission of quantitative and qualitative information that could influence the decisions of the decision makers (Beasley & Carcello,…
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The term material is of critical importance in the auditing context (Porter et al., 2014, p.73). Materiality levels are more secret than the Coca Cola formula (Mock et al., 2009, p.4). Discuss these abstracts in the context of academic r

Download file to see previous pages... Therefore, it has become crucial that the financial information provided to stakeholders is based on facts and this information is free from all mistakes. The objective of financial information should be to present a fair view of businesses’ financial performance. It has been analysed that to measure the level of materiality that is acceptable at the time of preparing a financial statement, no benchmark has been applied. Materiality has a drastic impact on the financial performance or economic impact of the firm; therefore, auditors measure materiality on the basis of their in-depth understanding of the economic consequences of such decisions, institutions, and professional expertise. Auditors used to keep the levels of materiality in financial statement confidential, and the privacy level is higher.
With the increase of internationalisation and globalisation, information has become more crucial for the business world. For the economic life of businesses, information is the dominant factor, and to accessing this information has become essential for the success of the business. Materiality has an extreme importance in preparing and designing a quality audit report. It is considered as a range or scale of level that does not make any impact on the opinion and choice of shareholders or a reasonable person by Financial Accouning Standards Board. This means such changes in information do not make an impact on a person who considers changing the decision or perspective. An audit report is a representation of professional reasoning that can be applied in any domain of activity, and the main objective is to analyse discrepancies to find out some measure to eliminate the discrepancies. The audit aims to provide complete and accurate financial statements that have an impact on economic operations according to the regulations in force. The dependence of materiality depends on the specific circumstances of mistaken ...Download file to see next pagesRead More
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