3.) Explain how materiality differs for failure to follow approved accounting standards and disagreements.

Thanks for inviting!

Answer:

The auditor's consideration of materiality is a matter of professional judgment and is influenced by the auditor's perception of the needs of users of financial statements.

For example in a company auditors finds a materiality is that companies current ratio is 2:1 it means

it has sufficient liquidity and the and lender can expect their money to come back as per the materiality.

However in the financial while doing accounting there may be a chance of failure of approved accounting principle but it will not affect the materiality to a great extent that is why materiality differs from failure to follow approved accounting standards and disagreement.