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Article

Open Access

Qualitative Perspective of Audit Materiality: Empirical Evidence in Mexico and Colombia

Author(s)

Sergio Iván Ramírez Cacho, Martin Álvarez Ochoa, Maricela Ramírez

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DOI:10.17265/1537-1506/2012.10.003

Affiliation(s)

Sergio Iván Ramírez Cacho, Ph.D., Accouting & management faculty, University of Colima.
Martin Álvarez Ochoa, Ph.D., Accouting & management faculty, University of Colima.
Maricela Ramírez, MBA, Accounting faculty, University of Boyacá.

ABSTRACT

Our contribution analyzes the process of convergence with the International Standards of Audit (ISAs), particularly those that regulate the concept of materiality in Mexico and Colombia. Between other results, across a survey, it is demonstrated why the effective use of the factors that emerge of his qualitative slope can favor the quality of the financial information that publish the audited companies, the usefulness and the comprehensibility of the report of opinion. In general, the reliability, transparency, and relevancy of the financial statements will meet potentially favored with the strict application of these major and better normative instruments.

KEYWORDS

qualitative perspective, materiality, financial statements, audit materiality, International Federation of Accountants (IFAC)

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