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I am a bit unclear as to why in some questions materiality is assessed apparently on the basis of the item considered – for example a matter relating the the P&L account therefore consider materiality on the basis of05.-1% range of turnover etc and then in other question such as Yates an average is worked out based on turnover, profits and total assets threshholds. Is there a rule of thumb here in this respect?
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What the secret to effectively preparing for P7?
Do you know, I don’t think there is a rule! You would be better to ask the practising auditors what they do in practice! It’s a long time since I was at the sharp end!
maybe it’s simply down to individual firm policy.
Post it on the general forum, and see what response you get
Cheers ( and sorry not to be more helpful )
werty
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