Materiality is an ill‐defined yet important concept in auditing. However, lack of an auditing guideline exposes auditors to possible litigations due to failure to detect material misstatement in the financial statements. This paper assesses decisions by UK courts on materiality thresholds. The...

The National Audit Office of the People’s Republic of China issued 38 auditing standards and guidelines on 1 January 1997. This was the culmination of a variable historical development during which audit activity was either emphasised or downplayed altogether. With the open door policy and the...