This course covers Auditing Standard: ASA 320 Materiality in Planning and Performing an Audit.

The concept of materiality is fundamental to the auditing of financial statements. 

An auditor’s determination of materiality must be a matter of professional judgment, impacted by the auditor’s perception of the needs of the users of the financial report.

This course is a practical consideration of the importance of materiality, how benchmarks are set, and how materiality considerations impact at different stages in the audit process.

Setting materiality benchmarks determines tolerances to irregularities and, when combined with risk, guides the scale and focus of the audit program.

The consideration of materiality:

  •  is fundamental in the audit of the financial statements
  •  is a key responsibility of an auditor in both planning and performing an audit.

This one hour online course forms part of the FastClass short course suite.

Learning objectives

  • Outline overall materiality, performance materiality, specific materiality and clearly trivial
  • Determine overall materiality and performance materiality based on generic guidance
  • Apply the documentation requirements for materiality


This course is suitable for auditors and public practitioners.

365 Days