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Audit Materiality and Performance Materiality: How to Use Them

Audit materiality and performance materiality are two of the most critical factors in an audit. Get this right, and you're on your way to a successful engagement. Get it wrong, and it could be disastrous. Materiality is key to audit planning, and finishing the engagement in a proper manner. Yet, CPA firms continue to receive peer review comments about these areas. See how materiality is used to guide you in your planning and in your concluding your audits. The video covers the selection and use of benchmarks and percentages to compute materiality. You'll also hear how intended financial statement users are considered in selecting a benchmark. 00:00 Introduction 00:10 Ingredients of materiality 00:33 Benchmark 01:27 Intended financial statement users 01:53 Percent applied to benchmark 03:10 Example of materiality 03:50 Performance materiality 05:17 Aggregate risk 06:30 Cushion for undetected misstatements 07:15 Lower materiality for risky areas 08:33 FASB’s defines materiality 09:12 Intended user is potential buyer of the company 09:50 Using materiality 11:00 Evaluating unposted audit entries 12:42 Summary #CPAHallTalk