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How does the materiality of an item affect the acceptable

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Reference no: EM132661005

Problem 1: "Material" has a different definition in accounting than it does in everyday life. What does "material" mean in the context of an audit, and who determines whether an item is material?

Problem 2: How does the materiality of an item affect the acceptable and inherent risk borne by an audited company?

Reference no: EM132661005

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