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Describe the purpose of an audit procedure. Why is it important for audit procedures to be carefully worded? Explain the term materiality in your own
Describe the purpose of an audit procedure. Why is it important for audit procedures to be carefully worded?
Explain the term "materiality" in your own words. What is the relationship between materiality and obtaining reasonable assurance as auditors? Explain the importance of materiality and why it is difficult to apply in practice, and give an example.
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