Multiple Choice
Which of the following statements about the materiality concept is not true?
A) Materiality is different for each company.
B) A material error would change the opinion of the average prudent investor.
C) Any error greater than $5,000 is considered material in a financial statement audit.
D) Material misstatements should not exist in order for a company to receive an unqualified audit opinion.
Correct Answer:
Verified
Correct Answer:
Verified
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