Problems of Determining Materiality and Risk in Audit Engagements

This article analyzes the theoretical and methodological foundations of determining and assessing materiality and audit risk in audit engagements. Based on the requirements of International Standards on Auditing (ISA) 320 and ISA 315, the study examines the issues of subjectivity arising in determining materiality levels, the practical limitations of the audit risk model, and the challenges specific to auditing practice in Uzbekistan. Based on the research findings, scientifically grounded recommendations have been developed for improving the methodology of assessing materiality and risk, enhancing auditors’ professional competence, and further harmonizing national auditing standards with international requirements.