In answering this Question, use APA referencing style and support your answers with relevant accounting and auditing standards as well as published peer-reviewed academic journals. A minimum of 5 peer-reviewed academic journals is expected. (Hint: this is a great opportunity to utilise the University’s Library Services online such as Library Search, Advance Search, eJournals and Databases such as EBSCOhost, etc.) You are expected to support your answers with the relevant Australian Accounting Standards and Australian Auditing Standards and with authorised/published Peerreviewed Academic Journals and Articles.
In February 2012, the Australian Accounting Standards Boards decided at its meeting to propose the withdrawal of AASB 1031 Materiality. There were several reasons for this proposal which includes: there is no International Reporting Standard equivalent and it does not look like there will be, since 2005 there has been the gradual withdrawal of additional Australian guidance from a number of Australian Accounting Standards, and there is now an updated guidance on materiality in the IASB Conceptual Framework.
- What is materiality as per the Accounting Standards and Auditing Standards?
- Outline the qualitative and quantitative guidelines of materiality as per the Accounting Standards and Auditing Standards.
- Before the removal of AASB 1031, how do the standards and guidelines of “materiality” influence the auditors’ judgment on materiality level and material misstatements?
- What other factors or influences, if any, the removal of AASB 1031 would impact the auditors’ judgment on materiality?
- What are the implications this would have on the usefulness of financial reports? Discuss your answer and rationale.
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