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As part of the fundamental characteristic of relevance, an important component of relevance is materality. What does it mean when an item is "immaterial"? Is it usually reported in the financial statements/notes of the financial statements? Explain.

As part of the fundamental characteristic of relevance, an important component of relevance is materality. What does it mean when an item is "immaterial"? Is it usually reported in the financial statements/notes of the financial statements? Explain.

Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter17: Other Services Provided By Audit Firms
Section: Chapter Questions
Problem 56RSCQ
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As part of the fundamental characteristic of relevance, an important component of relevance is materality. What does it mean when an item is "immaterial"? Is it usually reported in the financial statements/notes of the financial statements? Explain.

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