Explanation and diffrence in materiality and performance materiality?

This is covered in the notes and lectures (chapter 5).

Ken,In the audit report we need to calculate materiality,So, Do we need to calculate materiality for two items/balances or calculating materiality for one item/balance is enough to achieve one mark...????

You don't need to calculate materiality for inclusion in the audit report. However, in deciding what type of report to give you have to take materiality into account. If the question tells you operating profit, turnover and total assets then it is expecting you to work out the three estimates of preliminary materiality. Probably 1 1/2 - 2 marks going for the three of those.

Oh thanks for correcting me cause I thought it would be fine enough to calculate 1 materiality item for achieving one mark...... Even there isn't any conclusion on marks scheme as well regarding the mark allocation of calculation of materiality