clearly trivial means very small 1% to 5% of materiality value, such misstatements below this amount should be ignored.
performance materiality is 50% to 90% of original materiality , so that audit team is conservative and cautious while designing and performing audit procedures
Sir these three concepts are not clear clearly trivial performance Materiality and materiality
Suppose reliance has profits of 30,000 Crore annually
as base amount is big we take 1 % as materiality
so initial materiality is 30,000 x 1 % = 300 Crore
Now performance materiality will be say 60% of initial materiality so it will be 300 x 60% = 180 Cr
Clearly Trivial limit is say 1 % so it will be 180 x 0.5% = 0.9 Cr , misstatement below this may not be accumulated