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When uncorrected misstatements exist from prior years, there is a question whether these misstatements should be included in the current year's materiality calculation. a. Describe

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When uncorrected misstatements exist from prior years, there is a question whether these misstatements should be included in the current year's materiality calculation. a. Describe the rollover and the iron curtain approaches regarding materiality of prior-year uncorrected misstatements. b. What is the current position of the SEC regarding the two approaches

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