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What is materiality as it relates to accounting and auditing

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Q1. What is materiality as it relates to accounting and auditing? What is the relationship between materiality and the phrase "obtain reasonable assurance" in the auditor's report?

Q2. How are benchmarks used in setting a preliminary judgement about materiality? How will these benchmarks differ based on the client's industry?

Q3. Explain why materiality is important but difficult to apply in practice.

Reference no: EM132938657

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