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An International Comparison of Materiality Guidance for Governments, Public Services and Charities
Author(s) -
Price Renée,
Wallace Wanda A.
Publication year - 2002
Publication title -
financial accountability and management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.661
H-Index - 44
eISSN - 1468-0408
pISSN - 0267-4424
DOI - 10.1111/1468-0408.00154
Subject(s) - materiality (auditing) , harmonization , fiduciary , accounting , terminology , public sector , public administration , business , public relations , political science , law , philosophy , linguistics , duty , physics , acoustics , aesthetics
This article compares international and country–specific guidance associated with the materiality concept as it applies to the public sector and charitable entities. The proliferation of multiple terms with similar meanings is evidenced in Australia, Canada, New Zealand, the United Kingdom – England, Ireland and Scotland – and international guidance. Alignment of terminology could enhance harmonization of standards and increase the chances that application of standards is comparable. Conceptual dimensions of materiality in the public sector emphasize qualitative considerations such as legal compliance, fiduciary responsibility, timeliness, and follow–up.