Main Features 
This Auditing Standard establishes mandatory requirements and provides explanatory guidance regarding the auditor’s consideration of materiality and its relationship with audit risk in planning an audit and evaluating audit evidence. The Auditing Standard covers:

1. Preliminary assessments of materiality to plan audit procedures;
 

2. Quantitative and qualitative factors that impact on the auditor’s assessment of materiality;
 

3. The importance of qualitative materiality considerations when evaluating the impact, if any, of individual misstatements on the financial report and audit opinion; and
 

4. Reporting responsibilities arising from the identification of misstatements (whether or not material) including management representations regarding the effect of uncorrected misstatements and communication with those charged with governance.