oa Auditing SA - The normative acceptability of SAAS 320 Audit Materiality

Volume 2000, Issue 24
  • ISSN : 1028-9003



The process by which an organisation's financial statements are audited by external auditors can be descriptionbed as a risk-based, systematic approach in which the nature, extent and timing of the audit procedures and audit evidence required, are determined by assessing and evaluating the risk that the financial statement assertions are materiality misstated. In fact, when the external auditor issues a standard unqualified audit report on the financial statements, he/she is confirming, with a high degree of assurance based on persuasive evidence gathered during the audit, that the financial statements are free of material misrepresentations, taking cognisance of the fact that the financial statements are presented in accordance with a specified set(s) of criteria.

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