Accounting

So I accidentally sent a workpaper to a client that had pm disclosed on it. How screwed am I actually? And what is the best way to remediate it?

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Since when is materiality a secret? My clients generally know what our materiality is, especially de minimus if we are posting things to the SUM

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Materiality is not a secret. If your on a sketchy client late journals should be a SAS99 criteria. Also, risk assessment analytics would pick these up.

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Already did!

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Tell the senior or manager ASAP! Trying to hide it would be the worst thing you could do

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For PCAOB communication of materiality is a requirement to those charged with governance

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Definitely tell someone above you so they can handle it. It would be much worse to hide it and have it come back to bite you later. Did something like this early in my career, called the engagement partner directly, and it was handled with no problems. She actually put it in my engagement review - as a positive example of how she trusted me completely to do the right thing because I brought up this issue ASAP.

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No reason to panic. I typically don’t tell my clients materiality, but it’s not a secret, either

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Honestly, probably not as huge as you think. The partner on one of my teams straight up told the client our TE and SAD. Certainly every team and exec is different, but don’t sweat it too much. Just come clean.

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Materiality is kept a secret especially when you have sketch clients. I had a client always asking so they could attempt to post adjustments so we wouldn’t look at it

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Haha yea the number of items on our SUM was quite ridiculous. They get lucky that they net out to be immaterial.

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Wouldn’t materiality have to naturally come up when discussing audit adjustments with management?

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You are required to communicate materiality to the AC and management typically reviews our AC deck so chances are they already know. Plus our formulas aren’t exactly top secret. Any alumni at your client can back of the envelope the calc

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