Explain how materiality differs for failure to follow GAAP and for lack of independence.

Question:

Explain how materiality differs for failure to follow and for lack of independence.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...