Egorova I.S.Financial University under Government of Russian Federation, Moscow, Russian Federation eis-09@mail.ru
Any kind of activity presumes an importance of quality of service, works and production. There should be no exclusions for audit activity as well. Assessment of audit quality assumes auditing based on the auditor's compliance with the requirements of the Federal auditing standards, one of which comprises the Federal regulation (standard) of audit activity (FPSAD) № 4 "Materiality in audit". Shortcoming of the existing standard involves lacking of the model procedures for determining the materiality. For that reason, an auditor must rely on one's own professional judgment. The type of audit finding depends on comparison of the actual error value with a predetermined level of materiality, since it is particularly important to determine an adequate level of materiality, i.e. the one which reasonably reflects the permissible limit of the error level. In this regard, the article provides a review of methods of calculation of this indicator and it submits the author's technique of determining of a materiality level as one of the possible approaches to its quantitative substantiation.
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