Prior to the withdrawal of AASB 1031 and with reference to theAASB 1031 Materiality (issued by the Australian AccountingStandards Boards - AASB) and the ASA 320 Materiality in Planningand Performing an Audit and ASA 450 Evaluation of MisstatementsIdentified during an Audit (issued by the Auditing and AssuranceStandards Board – AUASB), :
a. Define materiality.
b. Outline the qualitative and quantitative guidelines ofmateriality.
c. How the concepts and constructs of “materiality” influence theauditors’ professional judgment on misstatements
