[The following footnote was effective for audits of financial statements for periods ending after March 15, 1992. It was amended, effective for audits of fiscal years beginning on or after December 15, 2010. See PCAOB Release No. 2010-004.

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fn 1 The concept of materiality is inherent in the auditor's judgments. That concept involves qualitative as well as quantitative judgments (see sections 150.04, 312.10, and 508.36). [Footnotes 2-9 deleted]