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wrote...
Posts: 179
2 months ago
Describe the concept of materiality and provide an example.
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Accounting Information Systems
Edition: 14th
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Posts: 211
2 months ago
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Materiality is the amount of an error, fraud, or omission that would affect the decision of a prudent user of financial information. Determining materiality, what is and is not important in an audit, is a matter of professional judgment. Materiality is more important to external audits, where the emphasis is fairness of financial statement, than to internal audits, where the focus is on adherence to management policies. Students' answers may vary depending on their examples.
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