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hello, i’m trying to understand materiality benchmarks, can you please help me with this?
let’s take total assets, the range of the benchmark percentages is 1 – 2 percent. what is this supposed to mean? would misstatements higher than 1% of the total assets be material? if yes, then what does the higher percentage mean? it would be material even if it is higher than 2% right? then why does the range go from 1% to 2%?I think this post answers your question https://opentuition.com/topic/materiality-35
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