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Sir I’m getting confused between these terms
Preliminary materiality
Planning materiality
Performance materialityCould you please highlight the differences
ThanksPlanning (“preliminary”) materiality – set at the planning stage for the financial statements as a whole.
Performance materiality – set at the planning stage for the performance of the audit procedures at the assertion level.
At the completion and review stage, materiality will be considered further in the evaluation of misstatements.
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