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In February 2012, the Australian Accounting Standards Boards decided at its meeting to propose the withdrawal of AASB 1031 Materiality. There were several reasons for this proposal which includes: there is no International Reporting Standard equivalent and it does not look like there will be, since 2005 there has been the gradual withdrawal of additional Australian guidance from a number of Australian Accounting Standards, and there is now an updated guidance on materiality in the IASB Conceptual Framework.
The major impact of the withdrawal of AASB 1031 is the removal of the specific quantitative guidance for materiality. The withdrawal of AASB 1031 became effective to annual reporting beginning on or after 1 July 2015.
Problem a) What is materiality as per the Accounting Standards and Auditing Standards?
Problem b) Outline the qualitative and quantitative guidelines of materiality as per the Accounting Standards and Auditing Standards.
Problem c) Before the removal of AASB 1031, how do the standards and guidelines of "materiality" influence the auditors' judgment on materiality level and material misstatements? Provide examples.
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