Multiple Choice
The concept of materiality refers to ________.
A) any misstatement in the financial statements
B) the overall degree of risk in an organization
C) an amount of misstatement that could affect the decisions of a financial statement user.
D) an amount of risk in an organization sufficient to offset the expected returns of any investment in the company
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Which of the following statements concerning materiality
Q2: Which of the following most indicates a
Q4: How should auditors use the concept of
Q5: All but which of the following statements
Q6: Preliminary analytical procedures revealed that the gross
Q7: A bank with a large loan would
Q8: If fictitious sales were recorded and the
Q9: In the planning stage,analytical procedures are used
Q10: Generally accepted auditing standards require that analytical
Q11: Audit risk can be offset by _.<br>A)general