ASA 320 indicates that materiality should be considered:

Question

Quizplus · Accepted Answer

ASA 320 states that materiality should be considered both when determining the nature, timing, and extent of audit procedures (choice A) as well as when evaluating the effect of uncorrected misstatements on the financial report and forming the opinion in the auditor's report (choice B). Materiality should also be considered at all stages of audit planning, but this is not an exclusive statement and is not sufficient to determine the correct answer.

ASA 320 Indicates That Materiality Should Be Considered