ISA 320 - Materiality in Planning and Performing an Audit
Paras 1 to 14
Application and Other Explanatory Material
Scope of this ISA
1. This International Standard on Auditing (ISA) deals with the auditor’s responsibility to apply the concept of materiality in planning and performing an audit of financial statements. ISA 450 explains how materiality is applied in evaluating the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial statements.