AU-C 320.09 performance materiality ...

AU-C 320.09 performance materiality - “the amount or amounts set by the auditor at less than materiality for the financial statements as a whole to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole.”

An auditor considers materiality in terms of the smallest aggregate level of misstatements that could be material to any one of the financial statements.

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