ISA 320 - Materiality in Planning and Performing an Audit

 ISA deals with the auditor’s responsibility to apply the concept of materiality in planning and performing an audit of financial statements. This ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. 

ISA 320 defines the requirements relating to determining materiality and performance materiality when planning the audit, revision of materiality as the audit progresses, and including information about materiality in audit documentation.

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