[The following footnote was effective for fiscal years ending on or after November 15, 2007. It was amended, effective for audits of fiscal periods beginning on or after December 15, 2010. See PCAOB Release No. 2010-004.

Return to the current version.]

  11/   See AU sec. 312, Audit Risk and Materiality in Conducting an Audit, which provides additional explanation of materiality.