ISA 320 - Materiality in Planning and Performing an Audit
Paras 1 to 14
Application and Other Explanatory Material
Revision as the Audit Progresses
12. The auditor shall revise materiality for the financial statements as a whole (and, if applicable, the materiality level or levels for pa1ticular classes of transactions, account balances or disclosures) in the event of becoming aware of info1mation during the audit that would have caused the auditor to have determined a different amount (or amounts) initially. (Ref: Para. Al4)
13. If the auditor concludes that a lower materiality for the financial statements as a whole (and, if applicable, materiality level or levels for particular classes of transactions, account balances or disclosures) than that initially determined is appropriate, the auditor shall determine whether it is necessa1y to revise performance materiality, and whether the nature, timing and extent of the further audit procedures remain appropriate.