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What is materiality as relates to accounting and auditing

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Reference no: EM132903137

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

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

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

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

Reference no: EM132903137

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