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Performance materiality in an audit of the financial statements Represents the maximum error in a...

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Accounting

Performance materiality in an audit of the financial statements
Represents the maximum error in a population that the auditor is willing
to accept.
Should be established at an amount less than materiality for the
financial statements as a whole.
Will be higher than the materiality levels set for classes of transactions,
account balances, and disclosures.
Is established at specific percentages for the various accounts based on
their magnitude.
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