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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.
sas47 with cover
Auditing -- Standards -- United States; Risk assessment -- United States -- Auditing
Accounting | Taxation
American Institute of Certified Public Accountants. Auditing Standards Board, "Audit risk and materiality in conducting an audit" (1983). Statements on Auditing Standards. 47.