Materiality in the context of the federal securities laws has been a topic of repeated focus by the Securities and Exchange Commission (SEC) and the courts over the years (see here). That attention, ...
This explains what materiality means in an audit and why it matters for financial decision-making. The key takeaway is that materiality guides auditors in focusing on misstatements that truly ...
The U.S. Court of Appeals for the Second Circuit held earlier this week that a company’s accurately reported financial statements are not misleading simply because they do not disclose that alleged ...
The new audit risk standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify ...
Generally accepted accounting principles, or GAAP, are a set of rules that all public companies must follow and most private companies also follow. Many small businesses follow GAAP from a requirement ...
The regulator upheld a turnover-linked materiality framework for related party transactions, replacing the flat 10% test to align approvals with entity size while retaining shareholder scrutiny for ...
Over the years, companies have relied on alternative performance measures (APMs) such as “adjusted earnings” or “underlying profit” to provide investors additional financial information beyond IFRS or ...
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