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is an audit concept regarding the importance of an item with regard to its impact or effect on the functioning of the entity being audited;

is an audit concept regarding the importance of an item with regard to its impact or effect on the functioning of the entity being audited; also can be thought of as an expression of the relative significance or importance of a particular matter in the context of the enterprise as a whole. O Audit risk Risk assessment Materiality O Inherent risk

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