Green Valley Farms Cooperative is an agricultural cooperative that has been operating for 20 years. The cooperative is owned collectively by a group of local farmers, and it has grown over the past decade, expanding to include various agricultural products and services. With over 100 members, Green Valley Farms has decided to seek audited financial statements to ensure the efficient and sustainable management of their cooperative. Many of the cooperative's members have limited knowledge of accounting and finance, which is why they've opted for an audit. Green Valley Farms has established long-term relationships with local banks for loans and lines of credit to support their farming operations. Additionally, they distribute relevant financial information to their member farmers who have varying levels of ownership and involvement. 

Discuss the materiality as it relates to this case

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In the context of Green Valley Farms Cooperative materiality is significant in the audit process con... View the full answer