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Respond to the following in a minimum of 175 words: “Material” has a different definition in...

Respond to the following in a minimum of 175 words:

“Material” has a different definition in accounting than it does in everyday life. What does “material” mean in the context of an audit, and who determines whether an item is material? How does the materiality of an item affect the acceptable and inherent risk borne by an audited company?

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