Die Anwendung des Grundsatzes der Wesentlichkeit durch Abschlussprüfer – Erkenntnisse aus den Wesentlichkeitsangaben in Bestätigungsvermerken aus dem Vereinigten Königreich

The study uses auditor`s reports from the UK to analyze the application of the materiality principle by auditors. The disclosures exceed the minimum as defined by the UK standard setter for the relevant period. Findings demonstrate heterogeneous use of the concept of materiality by UK auditors. Moreover, significant differences between audit firms and clients´ industries are shown. Furthermore, auditor changes regularly result in a more conservative determination of materiality. In line with prior research results the applied materiality benchmarks depend on the client´s industry. In contrast, the published justifications for the benchmark choice are quite homogeneous.