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materiality benchmarks

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › materiality benchmarks

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Kim Smith.
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  • August 18, 2020 at 8:34 pm #581099
    faizafayyaz
    Participant
    • Topics: 9
    • Replies: 6
    • ☆

    hello, i’m trying to understand materiality benchmarks, can you please help me with this?
    let’s take total assets, the range of the benchmark percentages is 1 – 2 percent. what is this supposed to mean? would misstatements higher than 1% of the total assets be material? if yes, then what does the higher percentage mean? it would be material even if it is higher than 2% right? then why does the range go from 1% to 2%?

    August 19, 2020 at 7:35 am #581136
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8294
    • ☆☆☆☆☆

    I think this post answers your question https://opentuition.com/topic/materiality-35

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