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How are benchmarks used in setting a preliminary judgement

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Reference no: EM132901173

Problem 1: What is materiality as it relates to accounting and auditing?

Problem 2: What is the relationship between materiality and the phrase "obtain reasonable assurance" in the auditor's report?

Problem 3: How are benchmarks used in setting a preliminary judgement about materiality? How will these benchmarks differ based on the client's industry?

Problem 4: Explain why materiality is important but difficult to apply in practice.

Reference no: EM132901173

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