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Explain these terminologies in your own words: 1. Determination of overall materiality 2. Determination of performance materiality 3. Factual Misstatements 4. Judgmental misstatements 5.

Explain these terminologies in your own words: 1. Determination of overall materiality 2. Determination of performance materiality 3. Factual Misstatements 4. Judgmental misstatements 5. Projected misstatements 6. Disclosure misstatements 7. Audit Risk

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Answer 1 DETERMINATION OF OVERALL MATERIALITY Auditors set the materiality for the financial statements as a whole referred to in this guide as overall materiality at the planning stage The primary pu... blur-text-image

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