Multiple Choice
If a misstatement is considered material, _______.
A) it should have no bearing on financial statement users and the decisions they make
B) it could affect decisions that users make if the users are made aware of the misstatement
C) it should not affect decisions that users make if the users are made aware of the misstatement
D) an auditor should immediately issue an adverse opinion
Correct Answer:
Verified
Correct Answer:
Verified
Q25: An immaterial misstatement occurs when the client
Q26: A material misstatement occurs when _.<br>A)management incorrectly
Q27: In the paragraph below, there are three
Q28: The purpose of an audit is to
Q29: An emphasis of matter paragraph is mandatory
Q31: The concept of materiality is NOT an
Q32: In which of the following engagements does
Q33: Characteristics of a pervasive misstatement or scope
Q34: If the auditor's opinion on the revised
Q35: To provide limited assurance, the CPA must