Page 17 - Day 1. AN OVERVIEW OF THE AUDIT PROCESS_ Sept 2017_ revised

IMPORTANT ELEMENTS OF THE AUDIT PROCESS

PERFOMANCE MATERIALITY

• This will be set when the auditor performs tests on

specific account balances or classes of transactions.

• It is again a matter of professional judgement. Key

is that PM is “stricter” than Planning Materiality

and hence larger sample sizes (extent of testing)

will be used.

17

CharterQuest