CIA Materiality Flashcards
1
Q
CIA Materiality - Situations in which materiality arises
A
inclusion, refinement, disclosure
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
3
Q
CIA Materiality - Consider when evaluation materiality threshold
A
intended users, their knowledge, their situations
4
Q
CIA Materiality - Materiality varies with entity characteristics
A
size, access to capital, organizational life cycle, type of business, net retention, financial strength
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
