Refine item? - ask yourself whether the item is sufficiently accurate

mec06emec06e
in AAA.Materiality

This piece is confusing me a bit since Materiality is when something is inaccurate. Could you expand on what you mean here?

Comments

  • Staff - ACStaff - AC

    Materiality does not need to be associated only with inaccuracy. You may merely be dealing with a quantitative statement that may be material according to a certain materiality rule, e.g. certain percentage of surplus. Here, it is telling you to ask yourself whether the statement is accurate enough.

  • mec06emec06e

    Thanks, that makes sense!

  • Staff - ACStaff - AC

    Sure, good luck.

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