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

What is materiality?

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!

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What is materiality?
Is it important? Why or why not?

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