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Materiality is governed by:
ASA 320
BSA 220
CSA 230
DSA 240
Answer & Solution
Correct answer: A. SA 320
1. SA 320 "Materiality in Planning and Performing an Audit" sets the framework.
2. It introduces materiality, performance materiality, and clearly trivial threshold.
3. Materiality is exercised throughout planning, performing, evaluating and reporting.
_Source: ICAI BoS CA Final Paper 3, Ch 6 "Standards on Auditing and Professional Ethics"_
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