Sample Essay

Thirdly, the board proposed for the clarity of the materiality to give auditors directions when making corrections on the previous financial accounts by stating that auditors should only make corrections to the earlier given out financial statements as long as there is enough material evidence that a mistake was committed

and there is great need to rectify the accounts in order to balance the current statements hence avoiding further error being forwarded to the future that might be costly and confusing when reporting the accounts at the end of the financial year shareholders. in addition, there is need to clarify the application and the meaning of the word “materiality” in order assist and give directions to the auditors when assessing the consistency of the financial statements.

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