Significant components

This is from a July 2011 issue from ACCA published in Accounting and Business magazine

https://www.accaglobal.com/in/en/member/discover/cpd-articles/audit-assurance/group-audits.html

“The group audit team should also determine component materiality for those components where component auditors will perform an audit or a review for the purposes of the group audit. Component materiality is set at a lower level than group materiality and can be set at different levels for different components”

I cannot see anywhere any reference to percentages but that’s only to be expected … they are, after all, only to be used as a guide

Here’s a link to an article from last month – I believe that it was in Student Accountant – that is probably worth a read

https://www.accaglobal.com/an/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/group-auditing.html

OK?