Communication

Evaluations of key impacts vital for setting strategy, bringing substantive changes

Materiality is a concept within the auditing and accounting fields relating to the importance of an amount, transaction or discrepancy. The objective of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in conformity with Generally Accepted Accounting Principles (GAAP). The assessment of what is material is a professional judgment.