materialityməˌtɪər iˈæl ɪ ti
materiality (n)
English Definitions:
materiality (noun)
relevance requiring careful consideration
materiality, physicalness, corporeality, corporality (noun)
the quality of being physical; consisting of matter
materiality (Noun)
The quality of being material; having a physical existence.
materiality (Noun)
The quality of being of consequence to a legal decision.
Materiality
Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount, transaction, or discrepancy. The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in conformity with an identified financial reporting framework such as Generally Accepted Accounting Principles. The assessment of what is material is a matter of professional judgment. The Financial Accounting Standards Board has refrained from giving quantitative guidelines for determining materiality. This has resulted in confusion in the use of Auditing Standards No 47, "Audit Risk and Materiality in Conducting the Audit". Several common rules that have appeared in practice and academia to quantify materiality include: ⁕Percentage of pre-tax income or net income; ⁕Percentage of gross profit; ⁕Percentage of total assets;; ⁕Percentage of total revenue;; ⁕Percentage of equity;; ⁕Blended methods involving some or all of these definitions;
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"materiality." Kamus.net. STANDS4 LLC, 2024. Web. 20 Apr. 2024. <https://www.kamus.net/english/materiality>.
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