Auditing Standard AU-C 320: Materiality


Today the topic of our accounting podcast is Auditing Standard AU-C 320, which discusses Materiality.  We’ll answer such questions as, What is materiality?  How is it determined?  What has to be documented?

To provide some context to our conversation, we’ll relate the discussion to AU-C 200, which discusses the overall objectives and conduct of an audit, and we’ll discuss how materiality relates to audit risk.

View the text of clarified auditing standard AU-C 320.