Question: Some audit firms develop very specific guidelines, either through quantitative guidelines or in tables, relating planning materiality to the size of sales or assets for

Some audit firms develop very specific guidelines, either through quantitative guidelines or in tables, relating planning materiality to the size of sales or assets for a client. Other audit firms leave the materiality judgments up to the individual partner or manager in charge of the audit. What are the major advantages and disadvantages of each approach? Which approach would you favor? Explain.

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