Common use of QUALITATIVE MATERIALITY Clause in Contracts

QUALITATIVE MATERIALITY. Materiality is not merely related to the size of the entity and elements of the financial statements. Misstatements that are large individually or in aggregate may affect the reasonable users’ judgement. Misstatements may also be material on qualitative grounds. The following are some of the qualitative factors to be considered:  Any breaches to procedures or processes required by legislation or regulation  Transaction entered into that could result in the reputation risk to Mintek.  Unusual transaction entered into that are not of a repetitive nature as well as new ventures that Mintek has entered into. These are purely disclosed due to their nature and the knowledge that they could affect the decision of the users of financial statements.  Any fraudulent and dishonest behaviour of officers or staff.

QUALITATIVE MATERIALITY. Materiality is not merely related to the size of the entity and elements of the financial statements. Misstatements that are large individually or in aggregate may affect the reasonable users’ judgement. Misstatements may also be material on qualitative grounds. The following are some of the qualitative factors to be considered:  • Any breaches to procedures or processes required by legislation or regulation  • Transaction entered into that could result in the reputation risk to Mintek.  • Unusual transaction entered into that are not of a repetitive nature as well as new ventures that Mintek has entered into. These are purely disclosed due to their nature and the knowledge that they could affect the decision of the users of financial statements.  • Any fraudulent and dishonest behaviour of officers or staff.