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performance materiality Hi can you explain the purpose of performance materiality and the reason auditors determine it? Also what happens if an account goes above

performance materiality

Hi can you explain the purpose of performance materiality and the reason auditors determine it? Also what happens if an account goes above performance materiality? does that mean that account has a material misstatement?

Please explain like i'm 5 years old. The language is what is confusing me

thank you!

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