Multiple Choice
Which of the following statements concerning materiality is incorrect?
A) Overall materiality represents the maximum amount of accumulated misstatements in the financial statements before the auditor can conclude they are materially misstated.
B) Performance materiality is an amount that is applied uniformly to all accounts.
C) Two auditors,auditing the same company at the exact same time,can both come up with completely different materiality figures.
D) Materiality affects the risk assessment,risk response,and concluding ad reporting phases of the audit.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Which of the following most indicates a
Q3: The concept of materiality refers to _.<br>A)any
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