2 Replies
Sanket Gada
(Sr. ERP Consultant & Tax Consultant)
(241 Points)
Replied 03 September 2013
Materiality is something which should be given importance in the given data. While auditing auditor always runs the risk of misstatement. As to reduce the work auditor always applies sample testing and adheres to sample that his reporting is based on those samples.
In case of materiality more filtering is done based on value, time etc. parameters and auditing procedures are more focused to those transaction.
The performing Materiality referes to Materialising the audit procedures based on the audit risk percetage you have difened in the begining of the audit. So you might say there are various audit procedures that are defined such as Vouching, Ledger Scrutiny etc. So which procedure should be given more importance is defined in Performance Materiality.
CA Deepak Bora
(Employed)
(127 Points)
Replied 16 May 2020
Hi you can find the exact meaning of Performance materiality at www.deepakbora.com under audit for CA Section in SA 320 post
Recent Topics
- FORM 10 IEA IN Revised return
- ITC Eligibility on GTA
- Top Highest Tax-Paying Celebrities: FY 2023-24
- Misplace society Bye law
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
Related Threads
CAclubindia
