How Materiality impacts the Type of Audit Report
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Review Table 3-1 in Ch. 3 of Auditing and Assurance Services. How does the relationship of materiality and opinion affect the way you work with a client?
The Table 3-1 Relationship of Materiality to Type of Opinion is attached.
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Solution Summary
Your discussion is 264 words and discusses how materiality impacts client interactions during an audit and how the audit adjustments impact the type of report.
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The relationship between materiality and opinion does not really impact the audit work but does impact the client on a practical level. Regardless of this natural link between materiality and audit report, materiality must be established during the planning phase and then used as a benchmark during testing. Then, items that are not GAAP but below materiality threshold are reviewed with the client but they have the OPTION of whether they book ...
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