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I have read the defination of performance materiality. But cant figure out how to calculate it.
For example profit after tax is 100 million and i set 5% of it which is 5 million as my materiality level. Now how should i calculate performance materiality ?Thanx and regards
Noman TufailAt a level lower than 5% – different firms will have different assessments of how to determine performance materiality and will adapt the calculation to each different client.
I don’t believe that it’s possible to give you any guidance in more edetail
Different firms have different standards…..
Like, where I work we have process of 1-2% Materiality and 75% of that 1-2% as performance materiality
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