Question: Materiality plays such an integral role in an audit. While it is introduced in the planning stage, it is referenced throughout the audit. If I

Materiality plays such an integral role in an audit. While it is introduced in the planning stage, it is referenced throughout the audit. If I had a dollar for every time the word materiality was brought up during my time as an auditor - I would be a wealthy man!

Please answer in your own words the following:

1. What is materiality?

2. Is it important? Why or why not?

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