Why Must an Auditor Assess Materiality

question 39

Essay

Why must an auditor assess materiality?

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Definitions:

Outcome Data

Information that shows the results or outcomes of actions, interventions, or activities.

Primary Data

Information that is collected directly from first-hand sources through surveys, interviews, or experiments specifically for the purpose of a research project.

External Secondary Data

Information collected by someone else outside the organization, used for research or analysis.

Internal Secondary Data

Data that has been collected within an organization for a purpose other than the current research project but can be repurposed for it.