• Materiality
  • Materiality
  • Setting Materiality

Setting Materiality

Procedure

Note: Click for additional guidance relating to each area.

1. From the Document Manager, expand the Planning and Materiality folders and open Materiality document.

2. Balances will automatically populate the materiality document using calculations based on the default mapping numbers within the master template. Note: To change the default calculations to different map numbers, different groupings or specific accounts, select Enable Editing from the CaseView View menu. Double-click each cell to edit and make the appropriate changes to the calculation field. For details on CaseView formulas refer to the CaseView help topics Cells and Cell Functions.
3. Define the preliminary overall materiality for the entity:
   • Enter the applicable benchmark
   • Lock the preliminary materiality by clicking icon.
   • Enter the preliminary materiality which will appear at the top of all documents.
4. Enter the preliminary performance materiality, which will appear at the top of all documents.
5. Enter the adjusted performance materiality , which will appear on the individual related items in the Financial Statement Area Worksheet.
6. Enter the amount below which misstatements would be clearly trivial.

   Note: The trivial misstatements amount is automatically transferred to Form 700 rather than Form 335.

7. Sign off the assessment of preliminary materiality.

Results

Preliminary materiality is updated in all related documents. Later in the engagement, enter and sign-off on the final overall materiality and performance materiality.

This online help system applies to all CaseWare Audit, Review and Compilation products. Not all features are available in all products.