Statements on Auditing Standards



Download Full Text (1.4 MB)


This Statement provides guidance on the auditor's consideration of audit risk and materiality when planning and performing an examination of financial statements in accordance with generally accepted auditing standards. Audit risk and materiality affect the application of generally accepted auditing standards, especially the standards of field work and reporting, and are implicit in the auditor's standard report. Audit risk and materiality, among other matters, need to be considered together in determining the nature, timing, and extent of auditing procedures and in evaluating the results of those procedures.

Publication Date


Relational Format



Auditing -- Standards -- United States; Risk assessment -- United States -- Auditing


Accounting | Taxation


Copyright and permission to reprint held by: American Institute of Certified Public Accountants

Audit risk and materiality in conducting an audit; Statement on auditing standards, 047



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.