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1 Answers
RaviRavi Staff answered 2 years ago

Give reference of SA 320 Materiality
Define Materiality
Then explain misstatement can be material if it is alone crossing materiality level or it is crossing it in aggregate
explain case
2000 Deposits x 4 Quarterly Interests x Rs 5 mistake per interest calculation = 40,000 individually it is immaterial but in aggregate it is material 
as for rectification as per SA 450
if not qualify or adverse as the case may be

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