303 Neb. Admin. Code, ch. 3, § 001

Current through September 17, 2024
Section 303-3-001 - Scope of the Rule

The objective of this rule is to establish materiality amounts or tolerance levels for various accounting and processing procedures within the Nebraska Public Employees Retirement Systems ('Agency'). Materiality amounts addressed in this rule will not affect the reliability of the Agency's financial statements due to the overall size of the plans administered by the Agency. An auditors' consideration of materiality is a matter of professional judgment and is influenced by their perception of the needs of a reasonable person who will rely on the Agency's financial statements. Materiality judgments are made in light of surrounding circumstances and necessarily involve both quantitative and qualitative considerations. An error or omission is considered material or significant if it changes a reader's interpretation of the financial statements.

303 Neb. Admin. Code, ch. 3, § 001