CIA Materiality Flashcards

1
Q

CIA Materiality - Situations in which materiality arises

A

inclusion, refinement, disclosure

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2
Q

CIA Materiality - Materiality definition

A

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

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3
Q

CIA Materiality - Consider when evaluation materiality threshold

A

intended users, their knowledge, their situations

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4
Q

CIA Materiality - Materiality varies with entity characteristics

A

size, access to capital, organizational life cycle, type of business, net retention, financial strength

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5
Q

CIA Materiality - Take into account when deciding to disclose materiality

A

complexity of materiality concept, importance of concept to user, sophistication of user

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