materiality ?

Does this mean when something in significant in the financial statements they can't miss it out ?


  • hal978hal978 LondonRegistered Posts: 51
    In simple terms yes, but the correct definition is: information is material if omission or misstatement could influence the decisions that users make on the basis of financial information about a specific reporting entity
    AQ2013 Level 4:
    Financial Statements - Competent - June 2017
    Budgeting - Competent - July 2017
    Financial Performance - Competent - September 2017
    Personal Tax - Competent - November 2017

    AQ2016 Professional Diploma:
    External Auditing - Competent - December 2017
Sign In or Register to comment.