CIA Materiality Flashcards
CIA Materiality - Situations in which materiality arises
inclusion, refinement, disclosure
CIA Materiality - Materiality definition
an omission, understatement, or overstatement is material if the actuary expects it materially to affect either the users decision making or the users reasonable expectations
CIA Materiality - Consider when evaluation materiality threshold
intended users, their knowledge, their situations
CIA Materiality - Materiality varies with entity characteristics
size, access to capital, organizational life cycle, type of business, net retention, financial strength
CIA Materiality - Take into account when deciding to disclose materiality
complexity of materiality concept, importance of concept to user, sophistication of user