Question: (a) ISA 320 Materiality in Planning and Performing an Audit provides guidance on the concept of materiality in planning and performing an audit. Required Define

(a) ISA 320 "Materiality in Planning and Performing an Audit" provides guidance on the concept of materiality in planning and performing an audit. Required Define materiality and explain how the level of materiality is assessed. (b) ISA 230 "Audit Documentation" deals with the auditor's responsibility to prepare audit documentation for an audit of financial statements. Required Explain five benefits of documenting audit work

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