US GAAS – Materiality of component greater than group

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  • May 5, 2018 at 8:59 am #1785903
    CPAfit
    Participant

    Hey guys,

    Just wanted to know what does US, GAAS says about a situation where the Materiality of a subsidiary exceeds the overall group materiality. Will really appreciate if someone can give me the reference.

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  • June 5, 2018 at 11:44 pm #1822868
    Joetse
    Participant

    Hi – I don't think Becker mentions this, but my old audit textbook from college says it would be an unmodified opinion explaining the magnitude of the portion of F/S audited by the component.

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