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MATERIALITY (Materiality should be considered by the auditor when: ((1.)…
MATERIALITY
Performance Materiality
Performance materiality. The amount or amounts set by the auditor at less than materiality for the financial statements as a whole to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole
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Materiality as a whole
This is the materiality determined at the overall financial statement level. This materiality level helps the auditor determine whether the proposed audit adjustments are significant or not.
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Materiality is the threshold above which missing or incorrect information in financial statements is considered to have an impact on the decision making of users.