Materiality of Established Errors in the Audit of Agricultural Business and Its Relationship with Documenting of Audit Procedures

Article seeks to substantiate the idea of documenting the materiality of established errors in the audit of the agricultural business in the context of typical operations of agricultural enterprises to determine on this basis the average indicators of the materiality of these errors and their level of influence on the activities of these entities. Disclosed the question of convention of the concepts of ‘materiality’ and ‘risk’ in the audit as set out in the International Auditing Standards and scientific works. Proved the necessity of determining the materiality of insufficiencies and irregularities identified during the audits and the implementation of the comparative assessment of its level. Such comparative assessment should take into account: the aspect of sectoral focus of client companies; aspect of the typical operations of client companies; aspect of the volumes of operations of client companies. Proposed the form of the auditor's working document on the establishment of the materiality of errors in view of major groups of operations of agricultural enterprises. Developed the working document of auditor on the comparative assessment of materiality for a particular company, and the average level of materiality for the inspections of audit firm. Identified benefits of comparative assessment of the materiality of errors set to improve the work of audit firms and their clients.