Materiality 1927

  • Questions:%0AWhat constitutes a material misstatement in the financial statements? %0AWhat constitutes materiality for a control activity - in other words, if we’re considering removing a control due to being immaterial, what reasoning should be documented for its removal? Someone mentioned 5% of EBITDA as the going metric, but I have yet to find any hard data on this, nor do I expect to see anything from the SEC or PCAOB on it. %0AThanks.

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