Multiple Choice
The preliminary judgement about materiality is the ________ amount by which the auditor believes the statements could be misstated and still NOT affect the economic decisions of users.
A) median average
B) minimum
C) maximum
D) mean average
Correct Answer:

Verified
Correct Answer:
Verified
Q14: Benchmarks are needed for evaluating materiality.If you
Q15: Auditors have difficulty applying the concept of
Q16: Inherent risk is reduced where the likelihood
Q17: Risk and materiality are related; risk is
Q18: Which type of guidelines are suggested by
Q20: Auditors begin their assessments of inherent risk
Q21: Materiality is affected by quantitative and _
Q22: Preliminary assessment of materiality is the combined
Q23: Regardless of how the allocation of the
Q24: If acceptable audit risk is low, and