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Accounting and audit
Kovaleva A. - Assessing the Level of Materiality According to International Audit Standards pp. 56-63


Abstract: The article is devoted to assessing the level of materiality in audit according to international audit standards. To fully understand this term, the author of the article has analyzed the following: definition of materiality based on the International Audit Standard 320 'Materiality in planning and conduct of an audit', the aim of materiality, responsibilities of an auditor such as audit risk, errors and omissions in an auditor's report and report with reservations. The author has also studied the International Audit Standard 450 'Evaluation of errors and omissions in the process of audit' and compared IAS 320 to its Russian Federal Audit Rule (Standard) No. 4 'Materiality in audit' as well as analyzes the term 'modified auditor's report' as it is set forth in IAS 705 'Types of modified auditor's reports'. An auditor must understand that even though particular errors and omissions do not necessarily play an important role, their combination may significantly change a report. Thus, assessment of the materiality level in audit should be based on synthesis that allows to get a better insight into phenomena under study. It is also necessary to note that first of all during an audit it is important to define the level of materiality for the entire report. This indicator should be the basis for assessing other elements of materiality which will be further used to plan audit procedures and interpret audit results. 
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