According to ASA 320, at what point should materiality be considered?
A) when determining the nature, timing, and extent of audit procedures
B) when evaluating the effect of uncorrected misstatements, if any, on the financial report and in forming the opinion in the auditor's report
C) at all stages of audit planning
D) both A and B

Question

Quizplus · Accepted Answer

Materiality should be considered at all stages of audit planning, as well as when determining the nature, timing, and extent of audit procedures, and when evaluating the effect of uncorrected misstatements on the financial report and in forming the opinion in the auditor's report. Therefore, both choices A and B are correct.

According to ASA 320, at What Point Should Materiality Be