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1 In the audit of sales account, the amount presented on the financial statement is $5,000,000. You are the auditor and you have determined the
1 In the audit of sales account, the amount presented on the financial statement is $5,000,000. You are the auditor and you have determined the level of materiality of sales account to be $50,000.
Required:
a. Based on your understanding, how would the auditor have done to determine this amount (You answer should only explain how the auditor actually does in order to determine this amount).
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