Peculiarities  of  Determining  the  Materiality  Level  when Planning  and  Conducting  an  Audit  of  Public  Non-financial  Reporting  of  an  Organization

Abstract

Nowadays following the growing practice of generating public non-financial reporting, the regulatory framework for its formation is actively developing. The audit of such reporting is one of the main ways to improve the quality of the information disclosed. Though there exists an established audit practice and relevant performance standards are available, still there is a need for recommendations to determine the level of materiality when planning and conducting the audit of public non-financial statements of an organization. The article discusses the aspects that affect the materiality level and presents the recommendations that can be used to determine the materiality level.

Keywords

•  public non-financial reporting
• audit engagement
• audit
• materiality level
• international standard on assurance engagements (isae) 3000
• international standard on auditing 320