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Pillars Of The Audit Activity: Materiality And Audit Risk

Author

Listed:
  • Ana Maria Joldoş

    („Valahia” University of Târgovişte, Romania)

  • Ionela Cornelia Stanciu

    („Valahia” University of Târgovişte, Romania)

  • Gabriela Grejdan

    („Valahia” University of Târgovişte, Romania)

Abstract

The purpose of this article is to present the issues of materiality and audit risk within the activity of financial audit. The concepts of materiality and audit risk are described from a theoretical perspective, providing approaches found within the national and international literature and within the specific legislation. A case study on the calculation of materiality and audit risk for an entity is presented in the last part of the article. Through the theoretical approach and the case study, it was concluded that materiality has an important role in determining the type of report to be issued, that is why it can be considered helpful for those involved in the audit process.

Suggested Citation

  • Ana Maria Joldoş & Ionela Cornelia Stanciu & Gabriela Grejdan, 2010. "Pillars Of The Audit Activity: Materiality And Audit Risk," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 10(2), pages 225-238.
    • Handle: RePEc:pet:annals:v:10:y:2010:i:2:p:225-238
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    More about this item

    Keywords

    audit; statutory audit; materiality; audit risk; opinion; audit report; financial statements;
    All these keywords.

    JEL classification:

    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General
    • N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative

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