bank audit



What is the meaning of audit materiality? Whatvis the relationship between Audit materiality and audit risk?
 
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student

audit materiality means it includes omission, misstatements which are considered material if they individually or in aggregate could reasonably be expected to influence the economic decisions of users taken on the basis of financial statements...
and
audit risk means the risk that an auditor may give an inappropriate opinion on financial information that is materially misstated i:e audit risk is a combination of (Inherent risk + control risk) + (Detection risk)....
 
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