In the accounting profession, the concept of materiality in financial reporting comes from two distinct areas: Generally accepted accounting principles (GAAP), and generally accepted auditing ...

The AICPA Auditing Standards Board (ASB) is proposing changes to the definition of materiality in its standards for auditors and attestation engagements to eliminate inconsistencies with the ...

Determining materiality has long been one of the most difficult exercises in auditing and financial reporting. The challenge can become even more daunting when quantitative measurements are not ...

This study Investigates how manager and auditor incentives, along with audit committee characteristics, are associated with materiality judgments about detected misstatements. Using data on detected ...

The American Institute of Certified Public Accountants (“AICPA”) Auditing Standards Board issued Statement on Auditing Standards No. 138 and Statement on Standards for Attestation Engagements No. 20 ...

The definition of a business-critical risk or opportunity is changing, as corporate leaders grapple with a flow of disruptions - geopolitical, economic, supply chain, social, and public health. What ...

The new Frequently Asked Questions document aims to support stakeholders as they implement International Standard on Auditing 570 (Revised 2024), Going Concern. The FAQ document discusses the main ...

Navigating the world of business finances can sometimes feel like wading through an alphabet soup of acronyms, jargon, and inscrutable terminology. This is especially true when it comes to the ...