By William Messier Jr, Steven Glover, Douglas Prawitt
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Additional info for Auditing & Assurance Services: A Systematic Approach
Services must focus on the assertions that are most important, and they must be conducted in a timely and cost-effective manner. Some assertions are more important than others because of their potential risk or cost. For example, a house inspector should recognize the signs that indicate an increased risk of a leaky roof. If those signs are present, he or she should investigate further, because damage caused by a leaky roof can be very expensive to repair. At the same time, just because the seller asserts that he or she recently lubricated all the door and window hinges doesn’t mean it would be wise to pay the inspector to validate this assertion.
While other factors must be considered in determining materiality, a common rule of thumb is that total (aggregated) misstatements of more than about 3 to 5 percent of income before tax would cause the financial statements to be materially misstated. Suppose the auditor decides that the financial statements of a client with $8 million in net income would be materially misstated if total misstatements exceed 5 percent of income, or $400,000. The auditor would design audit procedures precise enough to detect misstatements that, either by themselves or in combination with other misstatements, might exceed the materiality threshold of $400,000.
1, References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board PCAOB Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with an Audit of Financial Statements PCAOB Auditing Standard No. 8, Audit Risk (AU-C 200) PCAOB Auditing Standard No. 9, Audit Planning (AU-C 300) PCAOB Auditing Standard No. 10, Supervision of the Audit Engagement PCAOB Auditing Standard No. 11, Consideration of Materiality in Planning and Performing an Audit (AU-C 320) PCAOB Auditing Standard No.
Auditing & Assurance Services: A Systematic Approach by William Messier Jr, Steven Glover, Douglas Prawitt