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IAASA report: Materiality in the context of an audit – Report on the CEAOB Survey for Ireland

IAASA has today published a report presenting the results of specified work completed by the competent authority in relation to materiality in the context of an audit.

The report sets out key observations and includes recommendations that Audit Committees should consider in the context of their entity, and recommendations that Auditors should consider in performing their materiality assessment.

The report is available at the following link.

IAASA, as a member of the CEAOB, performed specified work as part of the CEAOB survey on materiality in audits. The CEAOB report ‘Materiality in the context of an audit’ issued in 2022 aggregates the results of the specified work carried out by its members, including IAASA in Ireland.

IAASA’s report presents an Irish perspective based on the results of the specified work completed.

•     The report provides an overview of materiality determination in practice at the largest audit firms for PIE audit engagements.

•     The report presents the views of audit committees on the materiality concept, the application of materiality, and the level of discussion and exchange with auditors in this area.

•     Observations and recommendations are set out in the report separately for Audit Committees and Auditors.