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i read that materiality can be by value nature / cirucumstances..
can u give an example where an item will be material by circumstanceIf the company had been making a series of losses, now shows a small profit, that could give hope to the shareholders that the company has ‘turned the corner’. If the small profit should really have been a small loss shareholders might interpret the results very differently even though both the profit and loss were immaterial).
Thank you.
Can you please explain what is a control environment. Can you give an example so that I can relate it and understand
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