"Materiality Always Starts with the CFO and the Financial Statements," Says SEC's Turner

November 1999
Financial Executive;Nov/Dec99, Vol. 15 Issue 6, p56
Academic Journal
The article reports on the application of materiality in accounting. The Financial Executive International and the Business Roundtable, in the hopes of providing clarity on the U.S. Securities and Exchange Commission's (SEC) Staff Accounting Bulletin (SAB) No. 99, have hosted a telediscussion on October 13, 1999. There were more than 500 callers during the telediscussion. Lynn Turner, the chief accountant of the SEC states that there are two parts of the SAB, one of which relates to how the qualitative and quantitative factors that affect materiality are evaluated and the other which focuses on intentional errors in accounting.


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