Materiality:-
The information is material if its omission or misstatement could
influence the economic decisions of users taken on the Basis of the financial
information.
Materiality depends on the size and Nature of the item, judged
in the particular circumstances of its misstatement.
Disclosures:-
Materiality should be considered by the auditor when determining the nature, timing and extent of audit procedures, and evaluating the effects of misstatements.
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