International Instructions - Appendix K - Materiality.docVIP

CHECKLIST FOR ESTIMATING MATERIALITY AND TOLERABLE ERROR Complete only if using as a paper document Client: Prepared By / Date Period End: Reviewed By / Date PART I – OVERALL MATERIALITY Audit risk and materiality, among other matters, need to be considered together in designing the nature, timing, and extent of audit procedures and in evaluating the results of those procedures. Because of the nature of audit evidence and the characteristics of fraud, the audit is able to obtain reasonable, but not absolute, assurance that material misstatements are detected. Audit risk is the risk th