The written communication from the accountant to those charged with governance about significant findings based on an annual audit.
The main document drafted between the portfolio manager and the APS that outlines general rules for the manager. It provides the general investment goals and objectives of the APS and describes the strategies that the manager should employ to meet these objectives.
A material error or uncertainty is a failure in the internal control mechanisms that ensure financial rules and processes are followed. Errors may result in misstatements in the financial statements, which can present an untrustworthy presentation of affairs and lead to an adverse auditors' opinion. Errors and uncertainties are material if they can...
Misstatements that are so large in nature and scope that the judgment of a user is likely to be affected. In the financial statement this is called materiality. Materiality can be of significant influence.
A situation where the financial information of has the potential to alter the view or opinion of a reasonable person. Materiality of financial statements are criteria for recording on the balance sheet or profit/loss statement. (jaarrekeningsmaterialiteit)