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Materiality is particularly important in the context of securities law, because under the Securities Exchange Act of 1934, a company can be held civilly or criminally liable for false, misleading, or omitted statements of fact in proxy statements and other documents, if the fact in question is found by the court to have been material pursuant ...
Falsification of a material fact that would cause a party to a contract to refrain from entering into the contract may be grounds for rescission. For example, misrepresentation of a material fact on an application for insurance may give an insurance company grounds to rescind an insurance policy. [3]
Since "planning materiality" should affect the scope of both tests of controls and substantive tests, such differences might be of importance. Two different auditors auditing even the same entity might generate differing scopes of audit procedures, solely based on the "planning materiality" definition used.
Materiality (digital text), refers to the physical medium used to store and convey the text; Materiality (law), a legal term that has different meanings depending on context; Materiality (social sciences and humanities), the notion that the physical properties of a cultural artifact have consequences for how the object is used
TSC Industries, Inc. v. Northway, Inc., 426 U.S. 438 (1976), [1] was a case in which the Supreme Court of the United States articulated the requirement of materiality in securities fraud cases. Facts and procedural history
ISA 320 Audit Materiality is one of the International Standards on Auditing. It serves to expect the auditor is to establish an acceptable materiality level in design the audit plan . Materiality: The amount by which the Financial Statements must change in order to change the decisions made by users of the Financial Statements.
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more ... regardless of materiality, intent, ...
Timing: If the contract was concluded soon after the statement was made, this is a strong indication that the statement induced the person to enter into the contract. Lapse of a week within the negotiations of a car sale was held to amount only to a representation in Routledge v McKay [ 11 ]