Question: Which is not a correct statement regarding materiality? A. The concept oof materiality recognized that some are important for fair presentation of financial statements in

Which is not a correct statement regarding materiality?

A. The concept oof materiality recognized that some are important for fair presentation of financial statements in conformity with GAAP, while other matters are not important.

B. Materiality judgement consider both quantitative and qualitative aspects.

C. Materiality is based on the effects of information on the judgements of a reasonable financial statement user.

D. An auditor establishes materiality at the account level.

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