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A fellow staff auditor comments, We dont need to make any record of that transaction...

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Accounting

A fellow staff auditor comments, We dont need to make any record of that transaction because it does not amount to more than 5% of net assets. We can totally ignore it! There are two

misconceptions in this statement. (1) What principle/assumption/constraint is your colleague referring to? (2) Provide a short description of how he or she has misconstrued the concept.

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