What are the components of Materiality? /What is Performance Materiality and why is it set?

Materiality are of 3 types: Overall Materiality (OM)- The level which represents the significant level in the company’s financial statements, which can influence the decision making of the users of the company’s financial statement as a whole. Performance Materiality(PM) – The amount set by us as auditor at less than the Overall Materiality, so that…...

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