The concept of materiality is defined in AASB 1031.in terms of the:
A) auditor.
B) preparer.
C) CPA Australia/ICAA members.
D) users of financial reports

Question

Quizplus · Accepted Answer

The concept of materiality, as defined in AASB 1031, is in terms of the users of financial reports. It is about the significance of transactions, balances, and errors found in financial reports, judged in the surrounding circumstances and needs of those who rely on these reports for making economic decisions.

The Concept of Materiality Is Defined in AASB 1031