Guide to Using International Standards on Auditing in - IFAC
Guide to Using International Standards on Auditing in - IFAC
Guide to Using International Standards on Auditing in - IFAC
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84<br />
7. Materiality and Audit Risk<br />
Chapter C<strong>on</strong>tent<br />
Apply<strong>in</strong>g the c<strong>on</strong>cept of materiality appropriately <strong>in</strong> plann<strong>in</strong>g and<br />
perform<strong>in</strong>g the audit.<br />
Relevant ISAs<br />
320<br />
Paragraph # ISA Objective(s)<br />
320.8 The objective of the audi<str<strong>on</strong>g>to</str<strong>on</strong>g>r is <str<strong>on</strong>g>to</str<strong>on</strong>g> apply the c<strong>on</strong>cept of materiality appropriately<br />
<strong>in</strong> plann<strong>in</strong>g and perform<strong>in</strong>g the audit.<br />
Exhibit 7.0-1<br />
Use of Materiality <strong>in</strong> the Audit<br />
Risk Assessment<br />
Determ<strong>in</strong><strong>in</strong>g:<br />
<br />
as a whole<br />
<br />
<br />
procedures <str<strong>on</strong>g>to</str<strong>on</strong>g> perform.<br />
<br />
of material misstatement.<br />
Risk Resp<strong>on</strong>se<br />
<br />
<br />
<br />
<br />
<br />
<br />
Report<strong>in</strong>g<br />
Evaluat<strong>in</strong>g the effect of uncorrected<br />
misstatements.<br />
Form<strong>in</strong>g the op<strong>in</strong>i<strong>on</strong> <strong>in</strong> the audi<str<strong>on</strong>g>to</str<strong>on</strong>g>r’s<br />
report.
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