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Whats the difference between tolerable misstatement and


Question -

1. Why is materiality sometimes difficult to apply in practice?

2. What's the difference between tolerable misstatement and preliminary judgment on materiality? How are they related?

3. Which two components of internal control must management assess when reporting on internal control to comply with Section 404 of SOX?

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Accounting Basics: Whats the difference between tolerable misstatement and
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