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Hello Mike
i was reading my text and i came across this expression, The principal auditor should set a threshold where a misstatement should be considered to be not trivial and further it says not trivial is different from not material.
i am not quite clear with the expressionsInteresting this, and I’m not myself 100% certain, but here’s a guess.
Items may be trivial but not material in themselves. But it’s possible that a number of trivial matters could combine to make a material adjustment
Does that sound reasonable?
its obvious that an item which is trivial will not be material but can something be trivial and be material i dont think so unless so many of such trivial items combine as you put it. what i think is that when something is trivial its obvious that it is immaterial
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