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what is the basic difference between ‘materiality’ and ‘performance materiality’?
and what is the difference between analytical procedures and substantive testing?
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peformance materiality is less than materiality.
substantive testing is detail testing in which we also do analytical testing.
analytical testing is ratio,trendYes. Performance materiality is setting a lower materiality level than you would otherwise in case several smaller errors aggregate into a material amount.
Substantive testing comprises tests of detail (lots of tracing, comparing, reperforming) and analytical procedures (ratios etc).
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