Materiality, Concepts on Professionalism

This discussion paper was developed by the Task Force on Materiality of the Council on Professionalism of the American Academy of Actuaries for discretionary use by actuaries. Its purpose is to assist actuaries in considering various aspects of materiality as they provide professional services to their principals. This paper was not promulgated by the Actuarial Standards Board and is not binding upon any actuary. No affirmative obligation is intended to be imposed on any actuary by this paper, nor should such an obligation be inferred from any of the ideas expressed or suggestions made herein. This discussion paper is intended to stand on its own and be freely interpreted.