Question: Question 1 a.Explain fully what is meant by materiality, with the aid of example. (2 Marks) b. Differentiate between performance materiality level and performance materiality.

Question 1

a.Explain fully what is meant by materiality, with the aid of example. (2 Marks)

b. Differentiate between performance materiality level and performance materiality. (4 marks)

c. An auditor can use substantive procedures as well as test of controls when performing audit procedure. With the aid of an example, differentiate between substantive procedures and tests of controls. (4 marks)

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