PCAOB AS 2201 - Audit of Internal Control Over Financial Reporting (ICFR) ASTWO-2: Materiality, Significant Accounts, Disclosures, Transaction Flows

Per PCAOB AS 2201 paragraphs 3, 6, 28, 34: materiality + scoping. Requirements include (a) determine Materiality and Tolerable Misstatement at planning consistent with financial statement audit + (b) identify Significant Accounts and Disclosures considering likely sources of potential misstatements + quantitative and qualitative factors + susceptibility to misstatement + (c) understand Transaction Flows including initiation + authorisation + processing + recording + reporting for significant accounts + disclosures + (d) document scoping decisions + materiality determinations + (e) update scope as audit risk evolves + (f) align scoping with COSO + management's risk assessment.