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5. What does the term material misstatement mean? Does auditor indicate and highlighted any information about material misstatement in annual report? (10 marks) 6- Reliable

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5. What does the term material misstatement mean? Does auditor indicate and highlighted any information about material misstatement in annual report? (10 marks) 6- Reliable accounting and financial reporting aids society in allocating resources in an efficient manner. Explain why audits are demanded by society? Support your answer from the Annual report of 2020 of STC? (10 marks)

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