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Materiality: 1) What is materiality and why is difficult to apply the concept? ...

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Accounting

Materiality:
1) What is materiality and why is difficult to apply the concept?
2) As an auditor, how do you identify who the primary users of the entitys financial statements are, and the information those users need to find in the financial statements?
3) What factors should be considered in deciding whether information is material or not?
4) How is the presentation (e.g. aggregation/ disaggregation) of information influenced by materiality and vice versa?
5) During the course of an audit, both quantitative as well as qualitative misstatements need to be considered. Give four examples of qualitative misstatements.

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