Please see below the discussion questions for this week:

(1) Discuss the reliability of internal and external documentation. Provide two examples of each type of documentations.

(2) The auditor's report in the U.S. does not provide user with details on the level of materiality that the auditor used during the audit. Do you think that the audit report should disclose materiality levels? Why might the user find such information useful? Why might auditors hesitate to publicly reveal the level of misstatement that they will accept as "immaterial"? Would management have a preference regarding the public disclosure of materiality?