The AICPA has issued nonauthoritative guidance from its Materiality Working Group of the Assurance Services Executive Committee (ASEC), designed to assist practitioners in determining when there is a material misstatement in an attest engagement. As many attestation engagements include subject matter that are not quantifiable, the guidance provides examples of how to ensure compliance with the attest standards and truly evaluate findings in a variety of subject matter.
“Materiality Considerations for Attestation Engagements Involving Aspects of Subject Matters that Cannot be Quantitatively Measured”: https://www.aicpa.org/content/dam/aicpa/interestareas/frc/assuranceadvisoryservices/downloadabledocuments/auditdatastandards/materiality-considerations-for-attestation-engagements.pdf
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa was a speaker on audit topics at SCACPA’s 2020 Virtual Spring Splash accounting conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
Read the latest Melisa Galasso A&A Interview: Private Company Council Member Jeremy Dillard and Standard-Setting Advocacy