component materiality

Polish translation: istotność / ważność elementów składowych

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:component materiality
Polish translation:istotność / ważność elementów składowych
Entered by: Roman Kozierkiewicz

17:45 May 17, 2017
English to Polish translations [PRO]
Bus/Financial - Accounting / audyt
English term or phrase: component materiality
The component materiality applied ranged from X% to Y% of Z's materiality, dependent on our assessment of risks specific to each location and based on the component’s revenue and underlying pre-tax profit contribution.
Dorota Bartnikowska
Poland
Local time: 13:40
istotność / ważność elementów składowych
Explanation:
Propozycja
Selected response from:

Roman Kozierkiewicz
Local time: 13:40
Grading comment
Dziękuję.
4 KudoZ points were awarded for this answer



Summary of answers provided
5Istotność części grupy
G_Stepniak
3 +1istotność / ważność elementów składowych
Roman Kozierkiewicz
3materialność składników audytu
Frank Szmulowicz, Ph. D.
Summary of reference entries provided
Materiality (auditing)
Frank Szmulowicz, Ph. D.

  

Answers


40 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
istotność / ważność elementów składowych


Explanation:
Propozycja

Roman Kozierkiewicz
Local time: 13:40
Specializes in field
Native speaker of: Native in PolishPolish
PRO pts in category: 670
Grading comment
Dziękuję.

Peer comments on this answer (and responses from the answerer)
agree  Jacek Kloskowski
11 hrs
  -> Dziękuję
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7 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
materialność składników audytu


Explanation:
Celem audytu jest podniesienie poziomu zaufania użytkowników sprawozdania finansowego do informacji w nim przedstawionych poprzez wydanie niezależnej opinii na temat zgodności sprawozdania finansowego z przyjętymi zasadami jego przygotowania (e.g. MSSF) z uwzględnieniem materialności oraz ograniczeń audytu

Koncepcja materialności

Nieprawidłowości w sprawozdaniu finansowym uznawane są za materialne jeżeli w pojedynkę albo w kumulacji mogą mieć wpływ na decyzje ekonomiczne użytkownika sprawozdania finansowego. Materialność ma zastosowanie na wszystkich etapach przeprowadzania audytu nie tylko przy formułowaniu opinii po audytowej.
http://www.tomaszwesol.com/2013/09/isa-200-cele-niezaleznego...
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Transakcje na relatywnie niskie kwoty (poniżej określonego progu) zazwyczaj nie są szczegółowo analizowane (tzw. „niska materialność”). Ze względu na poziom materialności są również często pomijane w czasie audytu finansowego. Jeśli dostęp do systemu nie jest na bieżąco analizowany i aktualizowany, to taki proceder może trwać wręcz latami i przynieść spółce w długim okresie znaczące straty.
https://www.blog.ey.pl/audytsledczy/naduzycia-gospodarcze-za...
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Materiality

For example, performance materiality is set by the auditor at less than materiality for the financial statements as a whole to reduce aggregation risk (i.e., “the risk that the aggregate of uncorrected and undetected misstatements in the financial statements exceeds materiality for the financial statements as a whole”) to an acceptably low level. -

component materiality

Paragraph .32(c) of AU-C Section 600 requires the group engagement team to establish or approve appropriate materiality levels for significant components for which the team is assuming responsibility.

The group engagement team is not required to determine materiality for those components for which the group auditor is referring to the work of a component auditor. In such cases, the component auditor is taking responsibility for determining the materiality of the component.

Nor is the group engagement team required to determine materiality for those components for which only analytical procedures at the group level will be performed.

To determine materiality for components, AU-C Section 600 provides the following requirements and guidance:

Individual component materiality and individual component performance materiality should be lower than group materiality and group performance materiality, respectively, to reduce aggregation risk.
All components (regardless of whether the group auditor is referring to the work of a component auditor) should be considered when determining component materiality.
Different materiality levels may be established for different components.
The aggregate component materiality (the sum of individual component materiality amounts) may exceed group materiality since component materiality need not be an arithmetical portion of the group materiality threshold.
Individual component materiality thresholds in a group audit may differ from the materiality threshold established for a separate audit of the stand-alone financial statements of a component.
- See more at: http://www.journalofaccountancy.com/news/2014/aug/group-audi...

Frank Szmulowicz, Ph. D.
United States
Local time: 07:40
Native speaker of: Native in EnglishEnglish, Native in PolishPolish
PRO pts in category: 142
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632 days   confidence: Answerer confidence 5/5
Istotność części grupy


Explanation:
Z glosariusza IAAS (International Auditing and Assurance Standards): "Component = an entity or business activity for which group or component management prepares financial information that should be included in the group financial statements. W oficjalnym polskim tłumaczeniu standardów zawodowych przyjęto określenie "część grupy"
IAAS: "Component materality = the materiality for the component determined by the group engagement team". W oficjalnym tłumaczeniu "Istotność części grupy".
Do sprawdzenia na stronie Polskiej Izby Biegłych Rewidentów.

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Note added at 632 days (2019-02-09 16:41:21 GMT) Post-grading
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Chodzi o istotność spółki wchodzącej w skład grupy kapitałowej dla sprawozdań finansowych całej grupy, tj. czy spółka ta ma duże obroty, stanowi duże ryzyko, itp. i dlatego też trzeba lub nie trzeba (w zależności od stopnia istotności) poddać ją badaniu.

G_Stepniak
Poland
Local time: 13:40
Specializes in field
Native speaker of: Native in PolishPolish
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Reference comments


3 hrs
Reference: Materiality (auditing)

Reference information:
Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount, transaction, or discrepancy.[1] The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in conformity with an identified financial reporting framework such as Generally Accepted Accounting Principles (GAAP).
As a simple example, an expenditure of ten cents on paper is generally immaterial, and, if it were forgotten or recorded incorrectly, then no practical difference would result, even for a very small business. However, a transaction of many millions of dollars is almost always material, and if it were forgotten or recorded incorrectly, then financial managers, investors, and others would make incorrect decisions as a result of this error. The assessment of what is material – where to draw the line between a transaction that is big enough to matter or small enough to be immaterial – depends upon factors such as the size of the organization's revenues and expenses, and is ultimately a matter of professional judgment.[2]
https://en.wikipedia.org/wiki/Materiality_(auditing)

Frank Szmulowicz, Ph. D.
United States
Native speaker of: Native in EnglishEnglish, Native in PolishPolish
PRO pts in category: 142
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