What would make an item "material"? - ANSWER✔✔If omission or misstatement would reasonable
influence the decisions of the addressee
Both Quantitative and Qualitative aspects
Amount of misstatement + NATURE + EFFECT
eg Assets may be positive but tied up in inventory
What are key audit matters? - ANSWER✔✔Most important
*Matters to TCWG*
*Most auditor attention*
-Highest risk of misstatement
-High Management judgements (provisions etc)
-Significant transactions
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