Materiality
Materiality determination | Comments | Amount |
Materiality | Based on total prior year revenues. This benchmark is consistent with the prior year. The corresponding amount for the prior year’s audit was $7.9 million. | $8.4 million |
Benchmark | Determined to plan and perform the audit and to evaluate the effects of identified misstatements on the audit and of any uncorrected misstatements on the financial statements. The corresponding amount for the prior year’s audit was $796.3 million. | $844.8 million |
% of Benchmark | The corresponding percentage for the prior year’s audit was 1%. | 1% |
Audit Misstatement Posting Threshold (AMPT) | Threshold used to accumulate misstatements identified during the audit. The corresponding amount for the previous year’s audit was $395,000. | $420,000 |
Materiality is used to scope the audit, identify risks of material misstatements and evaluate the level at which we think misstatements will reasonably influence users of the financial statements. It considers both quantitative and qualitative factors.
To respond to aggregation risk, we design our procedures to detect misstatements at a lower level of materiality.
We will report to the Corporate Services Standing Committee:
Corrected audit misstatements
Uncorrected audit misstatements