Iscuss these abstracts in the context of academic research and recent developments in audit regulation and practice.i??Materiality in Auditingi?0

The title to be used when submitting this assignment is Materiality in Auditing.

Assignment Question

a?The term a?materiala is of critical importance in the auditing contexta? (Porter et al., 2014, p.73).
a?Materiality levels are more secret than the Coca Cola formulaa? (Mock et al., 2009, p.4).
Discuss these abstracts in the context of academic research and recent developments in audit regulation and practice.

Assignment Guidance
The aim of this assignment is to assess your ability to construct a sustained academic argument around a key concept in auditing in the light of recent developments.

The following questions may aid in researching, planning and writing your essay:
a? Is materiality of a?critical importancea in auditing? If so, why?
a? Have the materiality levels used by auditors been secret? If so, why?
a? What has academic research shown about the importance and secrecy of materiality?
a? How has recent audit regulation, particularly in relation to audit reporting, changed audit practice in relation to the disclosure of materiality?
a? Is it possible to conclude whether or not this change is for the better?

This is an academic essay. It will require a brief introduction, a clear conclusion, an appropriate bibliography, and referencing in the Harvard style. You should support your argument by at least one recent example from an audit report.

Guide to Sources
A starting point for your independent research in this area could be any good recent auditing text book. An appropriate source would be the relevant sections in our course text: Porter, B. et al. (2014) Principles of External Auditing (4th ed.), pp. 73-77, 350-361.

The full text of the current International Standard on Auditing ISA 320 Materiality in Planning and Performing an Audit can be accessed on the website of the International Federation of Accountants (IFAC) at