März 14. 2022

The SEC's Acting Chief Accountant's Perspective

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Assessing Materiality: Focusing on the Reasonable Investor When Evaluating Errors

On March 9, 2022, the Office of the Chief Accountant (“OCA”), released a statement regarding assessing the materiality of financial reporting errors. The OCA used this statement to rehash guidance on the concept of materiality and the correction of material errors, evaluate methods of performing an objective assessment of materiality, and state observations from recent interactions with registrants and auditors on materiality.

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