The term "materiality" applies to both the US and British systems (yes, I checked, just in case anyone questions this).

https://www.ilpabogados.com/en/what-does-materiality-mean-in...
What does “materiality” mean in terms of “financial statements”?
Materiality is a concept which refers to the relevance of certain aspects of financial statements.

It is really surprising how in a matter whose nature is inherently quantitative and whose rigor is based on accuracy, an indefinite concept such as “materiality” has as much prominence. The Auditors use this term in a loosely dialectical manner, which contributes to the abuse and over use of the word in slang, rather than for its intended meaning.

But what is materiality?
International accounting standards refer to accounting materiality through the establishment of the principle of relative importance, in which it is determined: “the failure to strictly apply some of the accounting principles and criteria will be admitted when the relative importance, in quantitative or qualitative terms of the variation that such a fact produces, is scarcely significant and, consequently, does not alter the expression of the faithful image”.


Materiality (auditing) - Wikipediaen.wikipedia.org › wiki › Materiality_(auditing)
Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount, transaction, ... The higher the audit risk, the lower the materiality will be set. The lower ... "The materiality assessment and stakeholder engagement: A content analysis of sustainability reports". Corporate ...

In accounting, materiality refers to the impact of an omission or misstatement of information in a company's financial statements on the user of those statements. ... The materiality concept is used frequently in accounting, especially in the following instances: Application of accounting standards. Sep 15, 2019