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Next, complete the following 0 Calculate the Planning materiality for the financial statements as a whole. Select the benchmark(s) you feel would be best and
Next, complete the following 0 Calculate the Planning materiality for the financial statements as a whole. Select the benchmark(s) you feel would be best and document your rational in your memo. Be sure to justify your choice based on qualitative factors, such as the potential for fraud, complexity of operations, incentives for misstatements, or quality of the staff Next, determine the materiality for each balance sheet account. Explain your reasoning for the amount you chose and the overall impact on the audit (more or less work, different types of work, changes in the timing of testing, etc.)
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