Multiple Choice
Audit standards require the auditor to consider materiality early in the audit.Which statement(s) regarding preliminary materiality are true?
I.Preliminary materiality may change during the engagement.
II.Preliminary materiality is the maximum amount by which the auditor believes the financials could be misstated and still not affect the decisions of reasonable users.
A) I only
B) II only
C) both I and II
D) neither are true
Correct Answer:
Verified
Correct Answer:
Verified
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