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  3. 3) what’s the difference between “financial st

3) What’s the difference between “financial statement materiality” and “performance materiality” and how are they used...

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Accounting

3) What’s the difference between “financial statementmateriality” and “performance materiality” and how are they used inan audit. Provide an example.

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Materiality Materiality is a subject of professional judgment and discussion presented in Financial Reporting Framework provides a reference to the auditor indetermining materialityIf Financial Reporting Framework does not include a discussion following can be referred a Misstatements including omissions expected to influence the economic decision of users b Size or nature of misstatement the surrounding circumstances c Common financial information needs of the users as a group Financial statement Items are material if they could    See Answer
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