Materiality: communicating audit matters for 2020 year-ends

Materiality: communicating audit matters for 2020 year-ends


Which audits are affected?
ISA (UK) 701 (Revised November 2019) (Updated January 2020) applies to audits of listed entities, non-listed public interest entities, entities that are required, and those that choose voluntarily to report on how they have applied the UK Corporate Governance Code, where the auditor is required by law or regulation to communicate key audit matters in the auditor’s report, as well as where the auditor voluntarily chooses to do so.
Audit report implications
Previously, auditors were required to provide an explanation of how they had applied the concept of materiality in planning and performing an audit and they had to specify the overall materiality threshold used (ie materiality for the financial statements as a whole). These disclosures may have included the threshold for performance materiality though this was not a requirement. 

Related Keywords

United Kingdom , , Revised November , Updated January , United Kingdom Corporate Governance Code , Assurance Faculty , ஒன்றுபட்டது கிஂக்டம் , புதுப்பிக்கப்பட்டது ஜனவரி , ஒன்றுபட்டது கிஂக்டம் பெருநிறுவன ஆளுகை குறியீடு , உறுதி ஆசிரிய ,

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