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Explain the materiality terms as used in the statements

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Reference no: EM132749939

The auditors' report to the shareholders of a public limited company included the following statements: " The accounts have been prepared on a going concern basis and the validity of this depends on the company's bankers continuing their support by providing adequate overdraft facilities".

  • "Because of the materiality of the matters referred to in a previous paragraph we are unable to form an opinion as to whether the accounts give a true and fair view of the state of affairs of the company".

Problem 1: Explain the following terms as used in the above statements:

(1) Going concern
(2) Materiality

Reference no: EM132749939

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