Materiality is a concept or principle of a technical nature widely used by accountants and auditors. It guides through the preparation and revision of financial statements for companies. The purpose of this paper is to describe through documentary research the conceptual aspects in accounting and auditing related to the materiality described by international standards of organizations such as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), in order to identify common points for both disciplines. The concept of materiality is related to quantitative and qualitative characteristics of the financial information that the accountant uses to determine the information to be included in financial statements and the auditor uses to determine the relative importance of errors and inaccuracies leading to the final report and conditioning the its opinion This paper concludes in the existence of only one meaning of materiality for accounting and auditing, since for both disciplines the common denominator is to disclose relevant and correctly formulated financial information for users.