Materiality Is An Important Concept To Consider For Sampling How Does All Of Thi

Materiality is an important concept to consider for sampling. How does all of this relate to the tolerable exception rate? Is there a role between materiality and the exception rate? Does it affect the technique used to pull a sample? You certainly wouldn’t want to perform testing on a small balance, so materiality is important in this regard. Determining whether or not an error is worth restating requires materiality considerations as well.

Can a tolerable misstatement be considered material or immaterial? How is that determined?

 

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