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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 56 / 352

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© D.L. Crumbley

SEC Staff Accounting Bulletin No.99

Fraudulent accounting entries known by senior management can not be left unadjusted merely because they are “immaterial” by some mechanical, quantitative standard (e.g., percentage of net income).

Thus materiality loophole eliminated in 1999.

Something is material if there is a substantial likelihood that a reasonable person would consider it important.

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