Le « Committee of European Auditing Oversight Bodies » (CEAOB) a publié son rapport présentant les résultats de sa revue thématique sur la « Matérialité dans le contexte d’un audit » (uniquement en anglais)
The CEAOB, which is the framework for co-operation between national audit oversight bodies at an EU level, has recently issued its report on “Materiality in the context of an audit” which aggregates the results of the thematic review carried out by its members in 2020 and 2021.
The report provides an overview of how Big 4 Firms determine materiality levels and how Audit Committee Chairs perceive this assessment and interact with auditors on materiality matters.
This report serves also the CEAOB as a support to address certain recommendations to auditors, audit committees and standard setters with the objective to enhance the appropriateness of the assessed materiality levels applied by auditors and to prevent judgmental biases.
The « Commission de Surveillance du Secteur Financier », as authority responsible for the public oversight of the audit profession in Luxembourg, has played an active role in this survey by leading the Task Force in charge of the project at EU level.
A full version of the report is available here below.