Materiality and Reportable Conditions
- Topics:
- Audits
- Source:
- Dartmouth College
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Overview: To form an opinion as to whether control systems provide managers with reasonable assurance that desired business outcomes will be achieved, the auditor has to consider the issue of materiality. Internal Auditor's Role in Management Reporting on Internal Control, a research report published by the Research Foundation of the Institute of Internal Auditors, defines materiality as "any condition that has caused, or is likely to cause, errors, omissions, fraud or other adversities of such magnitude as to force senior managers to undertake immediate corrective actions to mitigate the associated business risk and possible consequent damages to the organization".
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Format: HTML | Date: Jan 2003 | Pages: 1
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