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Prior to the withdrawal of AASB 1031 and with reference to the AASB 1031 Materiality (issued...

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Accounting

Prior to the withdrawal of AASB 1031 and with reference to theAASB 1031 Materiality (issued by the Australian AccountingStandards Boards - AASB) and the ASA 320 Materiality in Planningand Performing an Audit and ASA 450 Evaluation of MisstatementsIdentified during an Audit (issued by the Auditing and AssuranceStandards Board – AUASB), :
a. Define materiality.
b. Outline the qualitative and quantitative guidelines ofmateriality.
c. How the concepts and constructs of “materiality” influence theauditors’ professional judgment on misstatements

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Materiality is the threshold above which missing or incorrect information in financial statements is considered to have an impact on the decision making of users It is relative term and depends upon    See Answer
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