Reply.
作者回应了讨论者对审计重要性水平披露相关性的质疑，指出审计师对记录错误和估计错误的估计能帮助投资者更准确预测未来现金流。
Abstract The author presents a remainder of his comments, that are directed toward (1) discussants' concerns about the relevance of the disclosure of auditor materiality levels to users and (2) some of their comments on design features and data analysis. Recording errors and certain types of accounting estimates do not generate cash flows for a company. The link between actual earnings and cash flow is known, but what is not known is how inaccurate reported earnings might be. Investors should have a better estimate of future cash flow when they have the auditor's estimate of recording error and management estimation error. The auditor in these markets has information about the possible amount of recording and estimation error in reported earnings.