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Sir according to your note
This materiality of revenue , profit and asset of 0.5 to 1% , 1- 2% and 5% are they the normal standard ? Or should the Auditors use their professional judgment to determine the %?
Thank you sir !
These are pretty much industry standard and what you are expected to use in the exam. So if a matter affects profit …. 10% or more is definitely material. .. less than 5% is not … And inbetween is judgement.
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