(a) Define the materiality concept and explain why it is important.

| March 17, 2019


(a)   
Define the materiality concept and explain why it is important.

Using the materiality benchmarks and thresholds (provided below), calculate the planning materiality figures that should be used in the audit of Beautiful Products Limited for both Income Statement and Balance Sheet items.

Justify your calculation and the percentages used.

(b)   Perform an analytical review of the company’s performance using the financial information provided below (2018 Projected & 2017 Actual);

Based on the results of the analytical review, identify and evaluate the inherent and control risks to be considered in planning the audit of the financial statements

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