'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
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"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? How does the materiality of an item affect the acceptable and inherent risk borne by an audited company?

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Materiality is a convention and concept in accounting and auditing which indicates the... View the full answer

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